Forex4you Technical Analysis 25 January 2011
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
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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