EURUSD: Hesitates, Risk Remains To The Downside
EURUSD: The pair remains vulnerable to the downside as it continues to see price hesitation. With EUR now under pressure, a retest of the 1.3491 level, its Sept 12’2011 low could be shaping up with a convincing violation of here calling for further declines towards the 1.3422 level, its Feb’2011 low and then the 1.3300 level, its psycho level.
Guest post by www.fxtechstrategy.com
Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, EUR will have to turn above the 1.3835 level to halt its bear threats and bring further strength towards the 1.3936 level, its Sept 09’2011 high and then the 1.4095 level, representing its Sept 08’2011 low.
Further out, its distant resistance resides at the 1.4323 level.
USDJPY: Declines, Bears Pressure The 75.92 Level
USDJPY: With continued bearishness seen, the pair looks to weaken further towards the 75.92 level, its 2011 low and beyond.
USDJPY has been under a strong bear pressure since topping out at the 124.13 level in Jun’2007 and with that downtrend remaining intact, a convincing violation of the 75.92 level will set the stage for further weakness towards the 74.00 level.
Further down, support stands at the 73.00 level and then the 72.00 level, representing its psycho level. Its daily RSI is bearish and pointing lower suggesting further weakness.
Alternatively, the pair will have to break and close above the 77.85/80.19 levels, its Aug 04’2011/Sept 09’2011 highs to end its bear threats and create scope for further gains towards the 81.47 level, its July 08’2011 high and subsequently the 82.21 level.
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