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Old 03-14-2013, 04:56 PM
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Arrow Forex Technical Analysis By Forex4you 14th March 2013

EUR/USD: 1.29 Still Supporting

Eurodollar sold off yesterday reaffirming the short-term down-trend as it continues making lower lows and lower highs. It also retracted back into its descending channel after temporarily breaking out. Nevertheless it failed to break the key support level from the September and October ’12 highs. The target from the H&S top is met so there is potential for a bounce. Volume on yesterday’s spike-down was weak and a rise back up to the range highs at around 1.3080 is possible. Alternatively a decisive move below the 1.2920 lows might signal the next leg down to 1.2815.



USD/JPY: Consolidation in Up-Trend

The overall trend is up but the pair is consolidating in a zone between the 96.70 highs and the 95.40 lows. It has pulled back to a trend-line and bounced yesterday and is rising in the range now. It will probably reach the range highs, and if there is a breakout above 96.70 then we could see a move up to the monthly pivot at 97.99. We would need to see a break below the range lows, however, for a move back down to 94.50 support.



Analysis By: Forex4you Analyst - Joaquin Monfort.

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