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Forexpros.com Daily Analysis - 28/05/2009
ForExPros.com Daily Analysis -- May 28, 2009
EUR/USD Breaks Recent Lows
The pair fell through the May 26 swing lows. This is not too significant at this point, but when London opens, failure to test and hold above this 1.3870 level would set a short term negative tone.
A break below 1.3800 put initial targets at 1.3750 and if broken, 1.3650.
If pair does move back above 1.3870, the 1.3900 area should provide some resistance and beyond that 1.4000 1.4050.
Watch for economic news out of the US starting at 1200 GMT.
USD/JPY Early Surge
The pair surged early gaining over a 100 pips. Expect resistance at 96.60-96.80. A move above this area would target 97.15 and beyond 97.65.
If prices retreat, a support area should be found between 95.80-95.60. Beyond, 95.20 and 94.90, although these level are unlikely.
Analysis by: http://www.Forexpros.com - Written by Cory Mitchell
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 01/06/2009
ForexPros.com Daily Analysis -- 1 June 2009
EUR/USD Continues Uptrend
The EUR/USD has started higher once again after bouncing off of the 1.4100 level. Resistance is currently at 1.4160. A break above this level would signal a move to 1.4220-1.4240. Beyond this there is little resistance till 1.4350.
With the daily average range sitting just below 150 pips the pair is not likely to move beyond 1.4300 unless there is a significant surprise in economic news due out of the US today.
A sustained move below 1.4100 will likely trigger stops down to the 1.4070 level and would target 1.4040 if rates continue lower. Beyond this 1.4400 should slow further falls.
The trend is up and a rise is more likely than a decline.
USD/JPY Sideways Swings
The USD is rising after finding support from the 94.40-94.60 range.
On longer term charts the pair is moving sideways within a range. A break of that range is unlikely today, but would be confirmed by a close below 93.55. Until that occurs the market may see similar swings to what we have seen over the last couple weeks.
A move above 95.50 would target 96.30 and beyond 96.60-96.70.
A break past the recent low of 94.65 would test 94.30 and beyond that the support area at 93.80.
Analysis by: http://www.Forexpros.com - Written by Cory Mitchell
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 02/06/2009
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EUR/USDAwaits Breakout
The pair has been stuck in a range through early trading, but the EUR is showing early signs of weakness.
A drop below the lows of 1.4100 would confirm a swing down and would target 1.4020 and beyond this 1.3980.
A move above 1.4180 would be needed to show signs of resuming strength. A break of this level would indicated a move to test the highs at 1.4250.
USD/JPYFlag Pattern
The pair has been moving sideways after a strong run yesterday. This has formed a flag pattern which indicates a continuation of the rise. Yet a breakout can be traded in both directions.
A break above 96.60 would provide early signals of continuation in yesterdays rise. Confirmation would come from a break above 96.80 with profit targets at 97.00 and resistance is expected at 97.20.
A push below 96.20-96.10 points to at least a partial retracement of yesterdays surge. The initial target is 95.70 with 95.40 expected to hold beyond that.
Analysis by: http://www.Forexpros.com - Written by Cory Mitchell
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 04/06/2009
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EUR/USD
With news out of the US and the EURO zone today a larger than average range is expected (150 + pips).
1.4100 has become a major short term support zone. A drop below this would signify a deeper correction. A breach of the level would signify a move to 1.4050 and beyond 1.4000. and 1.3950
A small resistance has formed during early trading at 1.4190. A sustained move above this would target 1.4270 and beyond 1.4320 and 1.4350.
USD/JPY
With the price swings narrowing over the past two days a short term breakout could occur. A move above 96.30, confirmed by a break of 96.40, would signal profit targets of 97.00 and 97.50.
A break below 95.70-95.60 would target 94.90 and beyond 94.50.
News out of the US today at 12:30 GMT.
Analysis by: http://www.Forexpros.com - Written by Cory Mitchell
Disclaimers:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 09/06/2009
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EUR/USDTesting Support
The pair pulled up from the 1.3800 support level, but has fallen back towards it in early trading today.
A break below this level would mean another slide downwards of 100+ pips with an initial target at 1.3670-1.3650 and beyond that the 1.3600 area.
A move above 1.3940 would target 1.4040 and 1.4090. There is also resistance at 1.4000.
USD/JPY
On the hourly chart the pair broke below a support level which had held rates above 98.20 since late trading June 5. That level was broken in early trading today.
While this may be a false breakout, targets on the downside are 97.55 and 97.00.
A move back into the range of 98.20-98.90 would signify a retest of short term resistance at 98.50 and the highs of the range at 98.90-99.00.
Analysis by:http://www.forexpros.com - Written by Cory Mitchell
Disclaimers:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 11/06/2009
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EUR/USD
The EUR rose in early trading and is currently testing the 1.4050 resistance level, which is a former support level.
A push through 1.4050 would indicate a test of 1.4100 and beyond that 1.4140. Beyond that, 1.4175 should hold through the session.
A pullback below 1.4000 would likely hit some support at 1.3960 and if it continues to fall could see further resistance at 1.3925. Little stands in the way of further declines until the 1.3850 level.
News out of the US at 1230 GMT could mean a larger than average daily range today.
USD/JPY
The pair is currently trading in a support (and old resistance) area. A slight pull up off the 97.70 is expected, but declines below this level would likely find support at 97.50. A further fall would target 97.20 and 97.00 should hold through the session.
A push above 98 would target 98.30 and beyond, 98.50. Further extension should find resistance at 98.70 and 99.00 should hold through the session.
A surprise in the news out of the US at 1230 GMT could push prices beyond the normal daily range.
Analysis by: http://www.forexpros.com - Written by Cory Mitchell
Disclaimers:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Forexpros.com Daily Analysis - 15/06/2009
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Tues, June 16, 2009, 15:00 GMT
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EUR/USD Bigger Correction?
The pair failed to hold above the 1.4150 last week and is now heading towards the lower extent of the range. Support should be found at 1.3940, 1.3900 and beyond that 1.3800. A move beyond 1.3800 would point to a more complete correction.
With the daily average range hovering in the 200 pip range a move far beyond this level is not highly likely today.
On the bullish side an indicator pattern has occurred which indicates a short term low may be in place. The pattern indicates a test of the highs in the 1.4150 area. A move far beyond this is unlikely today. Interim resistance is likely to be found at 1.4000, 1.4055, 1.4080 and 1.4120.
USD/JPYMultiple Patterns
On the longer term charts there are several technical factors coming into play. The next few days could be pivotal in the longer term direction of the pair.
Support today should be found by 98.05 and 97.80 in early trading. Beyond that 97.55.
Currently the pair is pushing higher after an early fall. Watch for a test of the highs at 98.55, the 98.70 and 99.00.
Analysis by:http://www.forexpros.com - Written by Cory Mitchell
Disclaimers:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.