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EUR/USD Awaits Breakout
The pair has been stuck in a range through early trading, but the EUR is showing early signs of weakness.
A drop below the lows of 1.4100 would confirm a swing down and would target 1.4020 and beyond this 1.3980.
A move above 1.4180 would be needed to show signs of resuming strength. A break of this level would indicated a move to test the highs at 1.4250.
USD/JPY Flag Pattern
The pair has been moving sideways after a strong run yesterday. This has formed a flag pattern which indicates a continuation of the rise. Yet a breakout can be traded in both directions.
A break above 96.60 would provide early signals of continuation in yesterdays rise. Confirmation would come from a break above 96.80 with profit targets at 97.00 and resistance is expected at 97.20.
A push below 96.20-96.10 points to at least a partial retracement of yesterdays surge. The initial target is 95.70 with 95.40 expected to hold beyond that.
Forex Trading Analysis written by Cory Mitchell, featured by forexpros.com.
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