Forex trading blog -Forex Technical Analysis :
EUR USD, “Euro vs US Dollar”
Eurodollar’s reaction to the Greek problem was a strong gap down. The pair has reached the target level of its descending wave and right now is moving to return to level of 1.1180. However, we should note that the market is expected to form another descending structure to reach level of 1.0930. After that, the price may return to 1.1180.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has renewed the minimum of its consolidation channel. Such scenario implies that the price may extend its descending wave towards level of 1.5560 and then form another ascending wave with the target at level of 1.5940. After that, the market may continue falling inside the downtrend.
USD JPY, “US Dollar vs Japanese Yen”
The market was opened with a gap down and Yen reached the target of its descending wave. We think, today, the price may be corrected to return to level of 123.30 and then form another descending wave to reach level of 121.70.
