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Old 03-06-2013, 04:47 PM
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Arrow Forex Technical Analysis By Forex4you 06th March 2013

EUR/USD: ‘Pulling-Back’

EUR/USD pair is still recovering but less aggressively than it did yesterday. This morning’s activity has been mixed and it is possible it will continue sideways. If we get a break above the key 1.3100 level then there is a chance of a rally up to the top of the channel at around 1.3140-50. The rebound is probably just a pull-back and the down-trend should resume eventually and probably reach the target from the head and shoulders top at 1.2900.

USD/JPY: Rangebound

The USD/JPY pair is still broadly consolidating within a range. The medium-term trend is up and the consolidation will probably break higher eventually and begin a new leg up. This morning it has risen towards and it will probably continue to the range highs at 94.50, as there are indications of underlying strength. Alternatively a reversal and move back down within the range to the lows at 91.85 is also quite possible although strong support at 91.60 gets in the way of a downside break.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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