EUR/USD – Respects Support
In early trading the pair is respecting the 1.4200 level. This is a horizontal and hourly trendline support area. The trendline will rise throughout the day. The bias is up, with 1.4220 also coming in as support.
A break below these levels indicates a move to 1.4140. Support is expected in the 1.4180-1.4160 region.
A continued rise, first above 1.4260, is likely to test recent swing highs in the 1.4350-1.4360 area.
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USD/JPY – Short-Term Break
The range that developed over the las two days was broken in early trading today. The pair brroke below 93.75 and is moving towards support at 93.40. A move below indicates targets of 93.20 and 93.00.
A push back above 93.80 indicates the break was false and swing highs will likely be retested in the 94.40-94.60 region. 94.20 also provides resistance.
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Forex trading analysis by Forexpros – Written by Cory Mitchell
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