EUR/USD: Technical Analysis
The EUR/USD is still falling and despite a pullback it would be expected to fall further. If it passes down below the key 1.4125 creating a double dottom buy on the 0.0005x3 P&F chart then there is a high possibility it will drop to 1.4095. A break of the pullback highs at 1.4170, however would negate the bearish setup and encourage a more bullish outlook.
EUR/JPY: Technical Analysis
The EUR/JPY has bounced off the 200-day MA at 113.75 and is rallying up quite strongly. The pair has posted an hourly close above the trendline from the 7th June highs. It has slowed at an important resistance line at 115.00, however, and from here it could start to fall again. There may be a pullback to 114.65 before another rally. The 0.05x3 point and figure chart is showing an upside target of 115.05 which might be an initial objective given the strong upside resistance.
Analysis by: Joaquin Monfort
Forex4you analyst
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Forex4you Technical Analysis 27 June 2011
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