Today’s sample of Forex Analysis from ForexHound.com

After confirming yesterday’s reversal top and changing the main trend to down, the EUR USD reached the low end of a retracement zone at 1.4012. Watch for a possible technical bounce at this level with 1.4068 a potential rally back to 1.4068.

The GBP USD is trading lower at the midsession. A new secondary lower top has been formed at 1.5982. The current price action suggests that this market may correct back to 1.6283 to 1.6212.

The weakness in the equity markets is fueling a rally in the USD JPY. The strong up move has put this currency pair in a position to take out the last swing top at 95.38. A move through this level will suggest lower equity prices.

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