Forex4you Technical Analysis 24 June 2011

EUR/USD: Technical Analysis

The EUR/USD has fallen heavily but yesterday evening it reached support and bounced. The bounce has taken it to 1.4300 and it will probably go even higher. The 0.0005x3 point and figure chart is showing two bullish upside targets: one at 1.4320 and the other at 1.4405. There is also the possibility that the support and resistance line at 1.4275 could halt the rally. However, the principle trend is still down and eventually the main bear trend should prevail and resume its descent.

EUR/JPY: Technical Analysis

The EUR/JPY has resumed its down-trend following a short-lived counter-trend rally. The decline will probably expend itself lower. Although there are a variety of downside targets from 114.00 to 113.20 on the point and figure charts, the monthly pivot at 113.50 would be expected to support price more than anything else and there should be a consolidation or further bounce at that level.

Analysis by: Joaquin Monfort  

                    Forex4you analyst

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