Forex4you Technical Analysis 21/12/10

EUR/USD: Technical Analysis

Yesterday EUR/USD fell to support at the 200 day MA and the monthly pivot at around 1.3095. From there it has bounced, probably in an Elliot 4th wave back up to 1.3200 and since begun to turn lower, perhaps at the beginning of the 5th wave down this morning. It will probably return to match the 1.3095 lows before possibly another bounce back up to 1.3200.



GBP/USD: Technical Analysis

The pair is trading sideways and the price remains within the range, limited by the levels 1.5570/80 – 1.5480. The trading is currently carried out at 1.5550. Indicators are being unclear and don't show any particular direction, which makes the outlook rather vague. Thus, it would be a good idea not to make any hasty decisions and wait till the price escapes from a given range. The upsurge will indicate further growth to resistance 1.5650/60, a fall below 1.5480 will initiate a decline to the next support 1.5400/10. It's worth watching SS at the moment - its escape from the over-sold zone suggests the "bullish" sentiment.



USD/JPY: Technical Analysis

Assumptions of the last comment rpoved to be correct and the price failed to breach resistance range 83.95 – 84.40, suggesting further sideways movement. The price currently resides at 83.60/50, which is considered a support level for this consolidation range. Indicators don't suggest any particular direction, which makes further correction within a given range quite a possibility. Even if support 83.50 is breached, a decline won't last long and go beyond support 83.30. Resistance 83.95-84.40 breakout, on the other hand, will trigger growth to the target level 84.80/85.00.



Analysis by: Forex4you.com written by Forex4you analyst

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