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Technical analysis EUR/USD, GBP/USD and USD/JPY 2 August 2013

EUR/USD

The pair confirmed the expectations and crossed the support level of 1.3250 mentioned in the previous analysis. The price dropped to the level of 1.3200, tested its strength by a false cross of 1.3180/90, and is now trading at around 1.3220. The indicators’ charts support a downtrend and confirm the bearish priority, which supposes further fall. Otherwise, the previous assumptions will remain relevant: crossing the level of support 1.3200 and further drop to 1.3170 will be considered as continued correction during the uptrend; the target will be set at 1.3420/10. Crossing the medium-term support level of 1.3150/60 and consolidating below will signal of a reversal to the downtrend. EUR/USD technical analysis for 02.08.13

GBP/USD

The pair confirmed the previous assumptions by the turn of the market dynamics: the price consolidated at around 1.5160/50 support and then crossed this obstacle on the way down. Now the pair is trading at around 1.5110/20. This situation signals of a trend reversal. The indicators show a strong bearish sentiment and confirm the bearish trend. Obviously, the earlier targets at the support levels of 1.5050/40, 1.5000 remain relevant in the near future. At the same time, today’s major event (the publication of the Nonfarm Payrolls in the U.S.) can make significant adjustments.

USD/JPY

The support at 97.60/70 did not let the price fall below. A kickback from this obstacle resulted in the price rise. Now the pair is trading at around 99.60/70. The rise above 99.00/10 was previously mentioned as a signal of a resumed bullish sentiment, so this situation and further growth expectations suppose a continued move up. However, on its way down, the price will reach a strong level of 100.00. We can expect that at this level the price will stop rising and consolidate in the range between 100.00-99.30/10.

Friday, 02 Aug, 2013 / 9:44

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-usdjpy-2-august-2013/

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