Today’s sample of Forex Analysis from

The EUR USD failed in its attempt to break out over the June top at 1.4337 and drew enough selling pressure to close lower for the day. The subsequent closing price reversal top indicates that that selling may be greater than the buying at current levels. A break through 1.4130 will confirm the reversal top and could trigger a short-term correction to 1.4060 to 1.4016.

The GBP USD is showing signs of a secondary top formation. A close under 1.6362 could help accelerate a move to the downside but this market will not turn bearish until 1.5982 is violated. Traders have been driving up this market because of increased demand for risky assets, but fundamentally the Pound remains weak.

Early morning stock market weakness and end-of-the-month repatriation of profits earned in foreign countries helped weaken the USD JPY. The main trend is up, but the current chart formation suggests only a break through 93.08 will turn the main trend down.

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