Both EUR/USD and USD/JPY are experiencing interesting patterns on their charts. Taking a technical look at both major pairs, the team at Nomura see more potential for the US dollar. Here is their view, courtesy of eFXnews: The down channel in EUR/USD is still in force from 1.26 and now there is strong resistance at 1.1864, notes Nomura. “Another convincing break of 1.1754 can set the stage for a fresh drop to 1.1713/1640 which are levels from the monthly chart that represent the next support zone,” Nomura projects. “From a wave perspective, if wave-4 is complete as labeled, then wave-5 lower is underway and can sport another impulse lower. For today initial resistance is right here at 1.1864; support is 1.1713,” Nomura adds. In USD/JPY, Nomura favored a flat rather than a triangle to explain this wave-4 consolidation. “The drop below 118 promotes the alternate idea and we are now shifting to the bull triangle interpretation. The ideal target for wave-C in this coil is 116.95 but the pattern remains valid above 116.30/115.57,” Nomura argues. “The reason we view this is a bullish consolidation is because of the choppy declines (from 121.85 and 120.85) against the trend that are the hallmark of corrections. S/t, support is 116.30/115.57,” Nomura clarifies. “Resistance is 117.74 and then 118.85; above those levels can signal a wave-D rally to 119.77,” Nomura projects. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next The Better You’re Doing the Bigger You Can Play Guest 7 years Both EUR/USD and USD/JPY are experiencing interesting patterns on their charts. Taking a technical look at both major pairs, the team at Nomura see more potential for the US dollar. Here is their view, courtesy of eFXnews: The down channel in EUR/USD is still in force from 1.26 and now there is strong resistance at 1.1864, notes Nomura. "Another convincing break of 1.1754 can set the stage for a fresh drop to 1.1713/1640 which are levels from the monthly chart that represent the next support zone," Nomura projects. "From a wave perspective, if wave-4 is complete as labeled, then wave-5… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
