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 107.30Ā„ ...the pair might face some tough resistance at current area, however i think we might be heading towards 110.80Ā„ soon. Resistance area can be found at 108.40 followed by very tough resistance at 108.80Ā„. If broken , we will have clear way to break the medium term downtrend andstart building new bullish trend targeting a break above 115Ā„ in the medium term. I am on the side of that reversal scenario unless we see a decisive break below 106Ā„ on daily or weekly close.