That falling trend line on EUR/JPY’s 4-hour chart is still lookin’ fly like a G6! It served as a strong resistance for the pair, even after it spiked to 113.22 yesterday. From there, EUR/JPY slid lower but bounced from support around 111.60. The pair looks ready to test the falling trend line again, and could possibly go for a breakout this time. If it breaks past the trend line, it could encounter resistance at the previous day high of 113.22. But if the trend line holds, EUR/JPY could tumble back to 111.60.
Is my new pair of sunglasses just foggy or is that a symmetrical triangle I see on EUR/USD? Eh, with the pair making lower highs and higher lows, I don’t there’s anything wrong with my Ray stoppers! It looks like the bulls only had enough hustle to tap the 1.4000 handle before the bears took over. But that long-legged doji at 1.3900 could mean that we may see the bulls give 1.4000 another shot. If there aren’t enough of ‘em buyers though, EUR/USD could trade lower and test support at the bottom of the triangle around 1.3800.
Last but not least, let’s check out EUR/AUD chillin’ like ice cream fillin’ at 1.4070, which FYI, is a major support level. Are the bears done struttin’ their swagger? Hmmm, if so we may just see the pair take another shot at resistance at 1.4250. But don’t be so hasty betting your pips on the euro just yet! If there are ‘nuf of ‘em sellers left to reprezent, the pair tumble to 1.3980.