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Forexpros.com Daily Analysis - 02/06/2009

Discussion in 'Fundamental Analysis' started by ForexAnalysis, Jun 2, 2009.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

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    EUR/USD Awaits 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/JPY Flag 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

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