Forex4you Technical Analysis 25/11/10

EUR/USD: Technical Analysis

The exchange rate has bottomed and consolidated into a triangle pattern with downside potential. A break lower, out of the pattern, would target support at 1.3250 initially and then perhaps even the 1.30s. There is also a chance the triangle could break higher, wrong footing market participants who were short, with an upside target of 1.3435.

http://forex4you.ninjacdn.net/charts/EURUSD251110.png

EUR/JPY: Technical Analysis

This pair fell to support in the 110s before bouncing back up a band of resistance at 111.60. It is now pushing against the trend-line of the descent from the November 22 high. There is an inverted head and shoulders pattern at the lows which if it breaks higher could reach 112.75. Further downside, on the other hand, might be expected to go just beyond the recent lows, to perhaps 110.10.


http://forex4you.ninjacdn.net/charts/EURJPY251110.png


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

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