Forex4you Technical Analysis 24/11/10

EUR/USD: Technical Analysis

Yesterday’s sharp decline has found support from the trend-line drawn from the June lows and we may get a bounce from here, perhaps to the resistance lines at 1.3435. From there, however, I see a resumption of the trend down with the next target at 1.3250 and then the 1.3000 mark, which is a 100% extension of a hypothetical wave A drawn down from the November 5th highs, counting B as the recent correction. It is also a psychologically significant mark, as well as another level where there is trend-line support.

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EUR/JPY: Technical Analysis

There is the possibility we are witnessing a bounce off the 110.30 lows with a possible upside target at the 111.45 level where there is a resistance line and the 50 day MA, although a possible pullback to 110.55 might occur before the rally really gets going. Further gains after that might target the 112.20 level where price will meet the trend-line from the September lows. More downside could reach the monthly pivot at 108.95.

http://forex4you.ninjacdn.net/charts/EURJPY241110.png


Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst

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