Today’s sample of Forex Analysis from

The EUR USD closed higher on Monday but still below the June high at 1.4337. The strongest buying came from the overnight trade as a weaker U.S. stock market put pressure on the Euro most of the day. Equity traders seemed at little hesitant at high levels today, indicating that demand for higher risk assets may be diminishing.

The British Pound showed some resilience today following last week’s reversal top at 1.6585. The current chart formation suggests a secondary lower top formation which can trigger an acceleration to the downside. Fundamentally the U.K. economy is still showing signs of weakness. In addition there are concerns about the U.K. government’s ability to fund its huge budget deficit.

The uptrend continued in the USD JPY following last week’s change in trend. Strength in the stock market waned a bit today but failed to bring buyers into the Japanese Yen. Traders could be looking for more solid evidence of a top in the equities before buying the Yen.

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