EUR/USD: Down-Trend Resumption
Eurodollar’s bounce was short-lived and after touching the top of the channel it continued lower. It will probably extend down even further, with the head & shoulders top indicating it will reach a downside target of 1.2900; with the next target after that at 1.2795, where there is a cluster of monthly and weekly pivots situated.
USD/JPY: Bearish Breakout
There has been a decisive downside breakout out of the bottom of the range. It will probably continue lower and reach the target at 89.80, although there is a trend-line offering support at 90.30 and is is possible that the monthly pivot at 90.00 might afford a good median target. Eventually the strong up-trend will probably resume, however, after the pull-back has finished and lead to new highs.
Analysis By: Forex4you Analyst - Joaquin Monfort.
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