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Forex4you Technical Analysis 12/08/10

EUR/USD: technical Analysis

 The euro pared some of yesterdays loses overnight but this morning began falling again. It is probable that it will continue to fall perhaps to support from the 38.2% Fibonacci line and the monthly pivot combined at the level of 1.2780. Demand there may cause a bounce or something more substantial. Additional downside could see prices reach lower to support at the 1.2690s.

GBP/USD: Technical Analysis

  The pound keeps falling and it is likely to continue. There is substantial support from the lower trend-line of the rise up, the 200 day MA and the tops of previous highs in the region of 1.5525 which will probably slow the decline. A decisive breach however could see prices run down even further to the monthly pivot at 1.5430.

Analysis by: written by Joaquin Monfort
Forex4you analyst

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