EURUSD has formed a short term cycle top at 1.4843 level on 4-hour chart. Further decline to 1.4500 zone would more likely be seen later today. Near term resistance is at 1.4724, as long as this level holds, we’d expect downtrend from 1.4843 to continue, however, a break above this level will suggest sideways consolidation between 1.4611 and 1.4843 is underway.
USDJPY drops sharply to as low as 88.24 level. Further fall to test 87.12 (Jan 21 low) long term critical support is possible in a couple of days. Near term resistance is at 89.50, as long as this level holds, downtrend from 92.53 will continue.
USDCAD broke above 1.0925 key resistance and is now in uptrend from 1.0590. Near term support is located at 1.0859, as long as this level holds, we’d expect uptrend to continue and further rise to 1.1050-1.1100 area is possible later today.
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