A technical view of EURUSD and EURJPY with new weekly pivot points.


Bears want that to be a double top with a target of MM1. Bulls want to get price up to MM4 and with price not having broken below MS1 EURUSD is not bearish yet.


Price will be opening at WPP which is support though confluence of MM3 and WM3 is just above. Bears are expected to sell here and they will have a target of WM1 - note that MS2 is just below WS2 so I have drawn the move down to that target. If support at WPP does not hold then bulls will be looking for an opportunity to buy at confluence of MPP and WM2 with a target of WM4 for the week and MM4 for the end of Feb.


Price is still at the monthly target for Feb and has not broken below 131.500. The weekly pivots on the S&P 500 and Nikkei indicated bearishness for the week though bears on this pair certainly don't have their price unless we take H4 weekly pivots into consideration.


Price will be opening at WM2 which gives bulls a target of WM4. If price moves higher then bears have their price at WPP and WM3 with a target of WR2 and WM1 respectively. Note the H4 21 remains in control.

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