Democratic Underground - daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX

Last trade 89.73 Change +0.32 (+0.36%)

Markets Remain Volatile As Ranges Narrow

http://www.dailyfx.com/story/dailyfx-reports/daily-technicals/7690-markets-remain-volatile-as-ranges.html

EUR/USD – Euro bulls managed to push the pair above 1.2115, a level defended by the 50.0 Fib of the 1.2588-1.1639 USD rally. A further move to the upside will most likely see EUR/USD head toward 1.2227, a level marked by the 61.8 Fib of the 1.2588-1.1639 USD rally. A sustained momentum on the part of the euro bulls will most likely see the pair head higher and target offers around 1.2226, a level marked by the January 25 daily high. However in case dollar longs manage to push the pair below 1.2000 handle, a further advance by the dollar longs will most likely see the pair head lower target euro offers around 1.1932, a level marked by the December 28 daily high and with further advance on the part of the dollar trader seeing the pair head below 1.1900 figure and target bids around 1.1864, a level defended by the 23.6 Fib of the 1.2588-1.1639 USD rally. Indicators are favoring Euro longs with both positive momentum indicator and MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver.

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USD/JPY – Japanese Yen longs continued to consolidate within a tight range as USD/JPY rested in top of the bids around 117.35, a level marked by the 23.6 Fib of the 104.16-121.46 USD rally. A further move on the part of the yen longs will most likely see USD/JPY head lower and target 116.00 figure, a level defended by the January 17 daily high at 115.93. A further move to the downside will most likely see USD/JPY extending its decline toward the psychologically important 115.00 handle, a level protected by the 38.2 Fib of the 104.16-121.46 USD rally and 200-day SMA at 114.90. However in case greenback longs manage to push the pair back above 118.00, , a further move to the upside will most likely see the pair head higher and target yen offers around 118.17, a level marked by the December 30 daily high. A further move to the upside will most likely see the pair extend its gains above 119.00 figure and target offers around 119.39, a level established by the February 3 daily high. Indicators are favoring yen bulls with both negative momentum indicator and negative MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver.

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