Week 25 of 2010 (Jun 14 – Jun 18)

EURUSD

EURUSD seems to be moving in a very nice downward trend. Currently it is around a very interesting level and keeping the long term channel into account, it can be said that long term traders will be looking to sell EURUSD around 1.2180 level. The only factor that seems to be pushing EURUSD upwards is the current value of RSI. We might see EURUSD traded sideways for some time for open up its RSI. Once the RSI opens up, then EURUSD will resume its long term downward trend.

Week 24 0f 2010 (Jun 07 – Jun 11)

USDJPY

USDJPY seems to have completed its retracement and touched its target at 93.00 during last week. Now it seems to resume downward trend again. Conservative traders might not agree with my views and might like to wait out further to let USDJPY confirm its trend.

On the upper side, USDJPY might take another rise and in that case it will look to touch 94.00 during this week. While on the lower side, initially dip below 91.00 is expected. Break of that level will really open up the downward movement.