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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: written by Joaquin Monfort
Forex4you analyst


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