This article is based on weekly report of EUR/USD & EUR/JPY and also last week trading pattern of these pairs in the Forex market and also the expectations for the next week.
Online PR News – 20-August-2009 – – EUR/USD
EUR/USD is trading at 1.4148. This pair bounced back from 1.4086 and stroked the high at 1.4326, though it had to face the resistance at 1.4328 in the Forex market. The pair tried to crack the resistance level at 1.4328, but it could not break the level and also couldn’t sustain near that level and it again fell from 1.4326.
There is a minor support level at 1.4213. The Pair has already broken this support, thus a small fall is expected.
Last week, EUR/USD reached a top of 1.4446, and now the pair is expecting a down side and if it breaks the support at 1.4007 then a swift fall is expected and can touch the second and major support level at 1.3747.
EUR/JPY is trading at 133.54. Last week this pair made to the top of 138.70. A fall was seen from this level to 134.060. The recovery from the level 134.06 was completed at 137.83. The initial trend is looking down for this week.
If the pair breaks the level 134.06 in Forex market, then it will bring the fall resumption to next support at 132.77. On upside, if the pair crosses the level of 136.09, then it will very quickly turn over the trend for intraday and move back to the upside and a short recovery may be seen.
EUR/USD & EUR/JPY both currency pairs are traded in a mixed trend, in last week in the Forex market. There is uncertainty with both currency pairs EUR/USD & EUR/JPY and no exact trend can be determined for these pairs in the current market situation.
These pairs are trading at the mid of resistance and support levels, therefore Forex online traders must be cautious with these currency pairs.