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EUR USD Hits Retracement Zone

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Jul 29, 2009.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    After confirming yesterday’s reversal top and changing the main trend to down, the EUR USD reached the low end of a retracement zone at 1.4012. Watch for a possible technical bounce at this level with 1.4068 a potential rally back to 1.4068.

    The GBP USD is trading lower at the midsession. A new secondary lower top has been formed at 1.5982. The current price action suggests that this market may correct back to 1.6283 to 1.6212.

    The weakness in the equity markets is fueling a rally in the USD JPY. The strong up move has put this currency pair in a position to take out the last swing top at 95.38. A move through this level will suggest lower equity prices.

    Read full article at ForexHound.com as well as Forex Analysis, Forex Education and exclusive timely market Gann Analysis

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.
     
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