Forex4you Technical Analysis 29/11/10

EUR/USD: Technical Analysis

The exchange rate has fallen to the trend-line up from the June lows where it has found some temporary support. It now appears to be oscillating between trend-line support and a support and resistance line at 1.3310. If it breaks above this line it could go higher correcting the move down from the November 5th highs. It could reach up to 1.3370 initially where there is the S2 monthly pivot and then, if higher to 1.3435. A less probable although quite decisive break of the trend-line down however could target the S3 pivot at 1.3115 for support initially.

http://forex4you.ninjacdn.net/charts/EURUSD291110.png

USD/JPY: Technical Analysis

The "bullish" attempts to fix the trading above resistance 83.50/60 ended sucessfully, so the price continued its growth, but only up to resistance 84.00/10, mentioned earlier. We currently observe attempts to breach this barrier on the way up and the trading is carried on around levels 84.00/05. Indicators begin to show a decline, which gives reasons to expect a longer consolidation on the current levels, and MACD divergence is a good proof that these assumptions are correct. There is a chance that the sideways range will stretch to support 83.60/50. Nevertheless, it's the "bullish" moods, that seem to be dominating in the market. If the currently tested barrier is breached, the price will grow further, to resistance 84.60/80. Reversal down and a fall below 83.60/50 will indicate a soon end of the "bullish trend".

http://www.forex4you.com/images/site/JPY291110.GIF

EUR/JPY: technical analysis

The exchange rate appears to be consolidating in a triangle pattern. The D wave down is probably unfolding now with a slight possibility of some movement lower to perhaps the triangle border at 110.70 before completion and then an upswing in wave E back up to the triangle highs at 111.70. A more decisive break down earlier could take the exchange rate to between the minimum objective for the triangle at 109.50 and a tight support grouping at 109.00.

http://forex4you.ninjacdn.net/charts/EURJPY291110.png

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

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