FOREX MARKET TECHNICAL ANALYSIS
EUR USD ANALYSIS
EUR/USD traded narrow strip since May
If we will look closely we can see head and shoulders pattern:
Head and shoulders pattern is a trend reversal chart pattern found after an uptrend or downtrend. There are two types of head and shoulders pattern: a standard head and shoulders pattern and an inverse head and shoulders pattern.
The standard pattern indicates a possible downward move after an uptrend, whilst the inverse head and shoulders pattern signifies a potential upward move after a downtrend.
EUR/USD Failed to take out 1.15 support and retreated, break up again on daily basis 1.1760 price level will confirm medium term rally resumption and target next key at 1.1880 and even 1.2080 However, sustained price below will extend the consolidation pattern from 1.2091 with another decline through 1.1300 support.
in the bigger picture this is still seen as a corrective move for the moment.
In case of another rally, we’d expect retracement of 1.2560 to 1.1500 at 1.1880 to limit upside and or even to yellow strip at 1.2080 and bring reversal.
Break up again on daily basis 1.2560 price level will confirm medium term rally resumption and target next key Fibonacci level at 1.2860
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| EUR USD ANALYSIS |
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| EUR USD FORECAST |
USD JPY ANALYSIS
On the overall picture the trend is still bearish as long as USD JPY stay below 113.60-114.60+_ resistance, meanwhile we can see corrective move on the jpy – I’m expected to see 110.40-80 on charts and from there more consolidation till we will get the big moves
Considering bullish convergence condition only decisive if there will be break above those levels it will indicate term reversal. In such case, outlook will be turned bullish. But on the other hand, Break down again lows of 106.40 will confirm more lows to the 100.70+_ target price, minor resistance stay in 108.30 price area.
Minor support area stay in 106.40 -107.30 / Minor resistance area stay in 108.10-108.30
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| USD JPY ANALYSIS |
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