EURUSD reversed its previous 3-month uptrend and moved lower to a 7-week low Initial downside target will be $1.2679, which is the 61.8 percent retracement of the move up from July 2012 and the November 2012 low. Support levels are seen at $1.3075 and at $1.2998, which is this year’s low so far. Resistance in the near-term are seen at $1.3180 and $1.3260.
USDJPY failed to retain the move up on Monday and reversed back down just above the 23.6 percent Fibo retracement at 90.60 (of the move up from September 2012), to hit a low of 90.85 yesterday. Break below 90.25 will trigger further downside to 88.05 yen. Resistance is seen at 92.80/93.30 yen ahead of the 94.77 yen recent high.