EUR/USD Breaks Support
The pair broke below the 1.3800 level. A sustained break of this level points to a further decline in the rate as indicated by the topping pattern. So far the pair has managed to stay above the 1.3750 level which is a rising trend line support area. Free, Live Forex Webinar Tomorrow!
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EUR/USD Breaks Support
The pair broke below the 1.3800 level. A sustained break of this level points to a further decline in the rate as indicated by the topping pattern. So far the pair has managed to stay above the 1.3750 level which is a rising trend line support area.
A move below 1.3740 indicates an initial move to 1.3680. Beyond this support is likely at 1.3640 and the 1.3600 area.
A pullup could occur, finding resistance by 1.3850, 1.3885-1.3890 and beyond that 1.3915.
The bias has shifted to short-term bearish for the pair, but a daily close below 1.3750 would provide more confirmation of this.
USD/JPY Pair Breaks Multiple Support Levels
Through trading yesterday and early today the pair plunged through multiple support levels. The pair currently sits in an old resistance (now support) area.
A drop below the lows at 96.50 points to continued deterioration. First target is 96.25 followed by 96.00 and 95.60.
Upside resistance is at 97.00, 97.20-97.30 and 97.60.
Analysis by: http://www.forexpros.com – Written by Cory Mitchell
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