Eur/usd rallied after making triple bottom at 1.2385$ , however rally stalled at 1.2520$..The pair is currently retracing and make or break level would be 1.2465$ , if the pair finds support there , then we might break 1.2520$ , if we break below that support then we will fall to 1.23$ , and final support would be 1.2260$ ....just keep in mind that we will have NFP report released tomorrow.
The dollar has been regaining some strength since friday noon. Usdjpy has recovered 100 pips from 107.30¥ ...the pair might face some tough resistance at current area, however i think we might be heading towards 110.80¥ soon. Resistance area can be found at 108.40 followed by very tough resistance at 108.80¥. If broken , we will have clear way to break the medium term downtrend andstart building new bullish trend targeting a break above 115¥ in the medium term. I am on the side of that reversal scenario unless we see a decisive break below 106¥ on daily or weekly close.