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EUR/USD Bigger Correction?

The pair failed to hold above the 1.4150 last week and is now heading towards the lower extent of the range. Support should be found at 1.3940, 1.3900 and beyond that 1.3800. A move beyond 1.3800 would point to a more complete correction.

With the daily average range hovering in the 200 pip range a move far beyond this level is not highly likely today.

On the bullish side an indicator pattern has occurred which indicates a short term low may be in place. The pattern indicates a test of the highs in the 1.4150 area. A move far beyond this is unlikely today. Interim resistance is likely to be found at 1.4000, 1.4055, 1.4080 and 1.4120.

USD/JPY Multiple Patterns

On the longer term charts there are several technical factors coming into play. The next few days could be pivotal in the longer term direction of the pair.

Support today should be found by 98.05 and 97.80 in early trading. Beyond that 97.55.

Currently the pair is is pushing higher after an early fall. Watch for a test of the highs at 98.55, the 98.70 and 99.00.

Forex Trading Analysis written by Cory Mitchell, featured by forexpros.com.

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