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EURUSD
The technical staff:
EUR / USD is again a new week The 10-month low this time at 1.3444, in its recent decline and maintained its forecast downwards. The rate remains well below its MA 1.4346 200 days now, but with 14 days along the RSI oversold territory to 36, may be some consolidation in the order listed below the downtrend line at 1.3716.
Furthermore, the last addressed the low projection of 1.5144 to 1.4217 1.236 compared to removal under the 1.4579 reaction high, with other levels of Fibonacci projection = 1:1.382 1.3298, 1.3189 and 1.3079 1:1.5000 to 1:1.618 = now potentially involved
Now trading at 1.3594, support for EUR / USD was at 1.3531, 1.3246 and 1.3423/44, while the top surface resistance is 1.3654 congestion in the region of 1.3788 to 1.3839, 1.4026 y.
USD / JPY
The technical staff:
USD / JPY has had a break next to the convergence of trend lines in psychology last week level of 90.00 which has caused the expected increase in volatility I mentioned last week. However, the rate remains slightly below the 200 MA 92.32 days now, on a break could see much higher rates of trade. It now seems very likely that the transfer to 88.54 84.80 to 93.77 has expired, just above its target of 61.8% in the fall Fibo 88.23.
Now find the latest move from 93.77 to 88.54 to trace the previous step and the projection of moving from the previous low 88.54 low intervention. Since the move under way until 92.14 and has surpassed the level of decrease of 61.8%, indicating a return to 100% back to 93.77 now likely. As expected, 38.2% 91.97 and has now given way to USD / JPY strength, so that the next target of 50% comes into play at 93.02, with 94.08% 61.8 100% to 97.51. Increased support line trend occurs in 90.19, and 14 days, while the RSI is not yet overbought territory at 59, USD / JPY is traded on the top of the upper band Bollinger, which could slow the expected increase.
Negotiate Now at 91.60, showed additional resistance 92.03/14, 93.77 and 95.05, while demonstrating support for 91.26, 90.56 and 88.54.
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About the Author
Rob Trader – Forex Expert
Forex Swing Trading with Elliott Wave
