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Old 02-28-2013, 04:46 PM
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Arrow Forex Technical Analysis By Forex4you 28th February 2013

EUR/USD: Possible Bearish Resumption

Eurodollar rebounded off yesterday’s lows breaking above 1.3120 and beginning a weak rally higher. It has now rolled over however and is in the process of pulling back. It will probably correct back further or even renew its down-trend. If it breaches the 1.3050 lows then that would confirm the bearish resumption, perhaps down to 1.2900, the target for the head and shoulders top. A rebound, however, would see a move up to the 1.3200 level where the upper channel line is situated.

USD/JPY: Technical Update

The USD/JPY stalled in its down-trend after the big down-day on Monday. It has now recovered slightly and reached resistance from the previous range lows. There may be a falling 3-methods type pattern forming with the down-day followed by 3 smaller up-days which is ultimately a bearish signal albeit in the direction against the major trend. There are still unfulfilled targets to the downside at around the 90.00. Given the dominant up-trend, however, we may see a resumption higher too, back into the range and up the old 94.54 highs again.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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