Forex4you Technical Analysis 21/07/10
EUR/USD: Technical Analysis
The higher high and lower close yesterday marked a possible turning point – an outside reversal bar from which the market may begin a new trend down. This morning prices continued falling until they reached support from an old channel line. They will probably break down through this line and run until achieving support from the monthly pivot at around 1.2795.
EUR/JPY: Technical Analysis
Prices are trading within a tight box range on the half hourly chart and they will probably move down over the next few hours to the bottom of the box at 111.45. From there they may either rally back up to the box highs at 113.20 or break out. Look for a downside break for a trade down to a target level of 109.65.
Analysis by: Forex4you.com written by Joaquin Monfort
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.
The higher high and lower close yesterday marked a possible turning point – an outside reversal bar from which the market may begin a new trend down. This morning prices continued falling until they reached support from an old channel line. They will probably break down through this line and run until achieving support from the monthly pivot at around 1.2795.
EUR/JPY: Technical Analysis
Prices are trading within a tight box range on the half hourly chart and they will probably move down over the next few hours to the bottom of the box at 111.45. From there they may either rally back up to the box highs at 113.20 or break out. Look for a downside break for a trade down to a target level of 109.65.
Analysis by: Forex4you.com written by Joaquin Monfort
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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