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EUR USD Showing Signs of Topping

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Jul 28, 2009.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com


    The EUR USD failed in its attempt to break out over the June top at 1.4337 and drew enough selling pressure to close lower for the day. The subsequent closing price reversal top indicates that that selling may be greater than the buying at current levels. A break through 1.4130 will confirm the reversal top and could trigger a short-term correction to 1.4060 to 1.4016.

    The GBP USD is showing signs of a secondary top formation. A close under 1.6362 could help accelerate a move to the downside but this market will not turn bearish until 1.5982 is violated. Traders have been driving up this market because of increased demand for risky assets, but fundamentally the Pound remains weak.

    Early morning stock market weakness and end-of-the-month repatriation of profits earned in foreign countries helped weaken the USD JPY. The main trend is up, but the current chart formation suggests only a break through 93.08 will turn the main trend down.

    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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