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Old 03-08-2013, 04:07 PM
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Arrow Forex Technical Analysis By Forex4you 08th March 2013

EUR/USD: Touching Key Resistance

Eurodollarís strong upswing yesterday has reached resistance at the trend-line for the move down and begun consolidating. It needs to break through this line to establish a bullish reversal and if it moves decisively above 1.3020 then it could provide the signal with a target at 1.3260. This morning we have seen some weakness, however, and it is possible it will continue correcting to around 1.3050, although heavy support in the 1.29s obstructs more downside.

USD/JPY: Bullish Breakout

The USD/JPY has resumed its up-trend and broken out of the range that it has been consolidating in for the past few weeks. The rally currently looks unstoppable and it will probably continue higher, at least to the monthly pivot at 96.25 but probably higher to the 98.15 target, generated by extrapolating the width of the consolidation higher. If there is a pull-back, however, it will probably fall to support from the top of the range at 94.50.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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