Sasha Singh
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

Portugal Largest Bank Rebuilding Fears in Euro zone Economy

(EURJPY : Daily Chart)

EURJPY is posting huge losses today as worries over Portugal’s largest bank Banco Espirito Santo. Sentiments were knocked across Europe and investors started selling off European share leading to Stoxx 50 index decline by 1.4%. The market tensions in Portugal resulted in a decline in EUR against other major counterparts. EURJPY was showing downtrend and was trading within a descending triangle on the daily chart. Today it broke down from the support of the triangle confirming the downtrend. The 50 day SMA is just about to cross the 200 day SMA signaling the continuation of the decline and we might see some more losses in the pair.

(EURJPY : Weekly Chart)

 On the weekly chart, we can see that the pair is currently testing support at 137.34. The next support on the weekly chart is at 135.89 if it continued to decline.