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Old 03-04-2013, 05:02 PM
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Arrow Forex Technical Analysis By Forex4you 04th March 2013

EUR/USD: Bearish Continuation

Eurodollar continues falling in a steady down-trend. It will probably fall further until it reaches the next target down at 1.2900 taken from the head and shoulders pattern at the highs. The monthly pivot at 1.2819 also provides a possible downside target if the move is strong. Alternatively a rebound would be expected to reach 1.3100, although a break above 1.3045 would be required for confirmation.

USD/JPY: Range Highs in Focus

The bulls succeeded in renewing the larger up-trend. After forming a double bottom the exchange rate pushed higher and met its target in the 93.60s. It has been moving sideways this morning and with no clear trend for the day it could just continue in a sideways range. Eventually, however, it will probably renew the up-trend and reach the range highs and the monthly pivot at 94.50. Alternatively a break below 93.00 could confirm a move down to the 91.20 range lows.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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