Forex4you Technical Analysis 02 June 2011

EUR/USD: Technical Analysis

The EUR/USD pair is rising after touching channel support at the 1.43 lows. It has been trending up quite strongly but has now reached resistance at 1.4430 from a combination of the monthly pivot and the point and figure count on the 0.0005x3 chart. Weakness would lead to a fall back to 1.4370 first and then the 1.4360 lows.

EUR/JPY: Technical Analysis

The EUR/JPY pair has reversed its fall and started to rally. It will probably continue until it reaches 118.50 which is the target on the 0.1x3 point and figure chart. After that, if it rises higher it could meet 119.50, the target calculated from the width of the triangle extended from the breakout point.

Analysis by: Joaquin Monfort

                    Forex4you analyst

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