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EUR/USD

The EUR rose in early trading and is currently testing the 1.4050 resistance level, which is a former support level.

A push through 1.4050 would indicate a test of 1.4100 and beyond that 1.4140. Beyond that, 1.4175 should hold through the session.

A pullback below 1.4000 would likely hit some support at 1.3960 and if it continues to fall could see further resistance at 1.3925. Little stands in the way of further declines until the 1.3850 level.

News out of the US at 1230 GMT could mean a larger than average daily range today.


USD/JPY

The pair is currently trading in a support (and old resistance) area. A slight pull up off the 97.70 is expected, but declines below this level would likely find support at 97.50. A further fall would target 97.20 and 97.00 should hold through the session.

A push above 98 would target 98.30 and beyond, 98.50. Further extension should find resistance at 98.70 and 99.00 should hold through the session.

A surprise in the news out of the US at 1230 GMT could push prices beyond the normal daily range.


Analysis by: http://www.forexpros.com - Written by Cory Mitchell


Disclaimers:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.