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Old 03-12-2013, 04:07 PM
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Arrow Forex Technical Analysis By Forex4you 12th March 2013

EUR/USD: Reversal a possibility

Eurodollar is in a sideways consolidation with support in the 1.29s. The target for the head and shoulders top has pretty much been met so it is possible a reversal could develop, with a definitive break above 1.3055 signalling a breakout from the channel and possible resumption of mid-term up-trend and initial target at 1.3133. The pair remains in its down-sloping channel, however, so more weakness is also very possible, with a break below 1.2945 signalling a probable move down to 1.2815 where the monthly pivot is situated.

USD/JPY: Pulling-Back

The USD/JPY pair rallied up to the monthly pivot at 96.25 where it encountered stiff resistance and backed off. It has rolled over this morning and it could pull-back further before plateauing, possible to 95.00 or the 94.00-94.50 region if strong. The up-trend, however, is strong and bulls remain in control so a resumption of the rally is probable eventually, with the next target higher at 98.15.

Analysis By: Forex4you Analyst - Joaquin Monfort.

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