EUR/USD: Technical Analysis

This pair pulled back and continued rising yesterday as anticipated. It has now reached a substantial support and resistance level at around 1.3680 which is just short of the old major trend-line from the June lows which lies at 1.3720. It has begun correcting quite steeply from there and there is a rare and bearish Demark buy setup signalled today. It is probable the correction has further to go and will reach the trend-line for the whole move up from January 10th at 1.3580, before perhaps reaching 1.3535 and then 1.3450. After that however the bullish trend should resume.



EUR/JPY: Technical Analysis

The move down today is steep and probably has further to go. As I said yesterday it could very well descend to retest the old trend-line from the June lows in the 110s as so often happens after a break. There is also further support there from the 50 day MA and a support and resistance line. Alternatively, there is still a chance of a rally, particularly from the pivotal point where we are now at 112.00 with a target at 114.00, although the strength of the move down makes that less likely.



Analysis by: Forex4you.com written by Forex4you analyst

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