EUR/USD
Current level-1.5051
EUR/USD is in а downtrend from 1.6039 (15 July 2008). Technical indicators are descending and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5677 and 1.5227.
Friday's consolidation managed to stay below 1.5251 and the downtrend was renewed, accelerating below the 1.50+ support. We think, that today's intraday bottom at 1.4908 is a final of the 1.5507-1.4908 sell-off, so a consolidation is unfolding, that should challenge 1.5103. Ofcourse the general downtrend from 1.6039 is still intact and after brief consolidation below 1.5143, one more leg towards 1.4742 i sexpected to complete the structure since 1.6039. Intraday be prepared for an upward bias, targeting 1.5103.


USD/JPY
Current level - 109.88
The pair is still in the broad consolidation since 95.75 short-term bottom, aiming at 111.03. Trading is situated above the 50- and 200-day SMA, currently projected at 107.09 and 106.62.
As expected the pair broke through 109.89, reaching high at 110.36. From that level a minor consolidation is on the run, that will challenge the 108.93 support before renewing the uptrend towards 111.03. Intraday expect downward move, to 109.14.