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Forexpros.com Daily Analysis - 06/07/2009

Discussion in 'Fundamental Analysis' started by ForexAnalysis, Jul 6, 2009.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

    Apr 13, 2008
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    EUR/USD Heading Higher?

    Bias for today is higher, but a narrowing range after the steep decline near the end of last week could mean a break in either direction.

    A push above 1.3990 would be the first indication of a rise, with 1.4020 acting as resistance but 1.4080 a reasonable target beyond. Resistance is also likely in the 1.4050 area.

    A drop below 1.3950 would indicate some weakness and overall indicates a move to 1.3840, but there is strong support at certain levels so a move to that level is not highly likely.

    Support levels are 1.3940-1.3930, 1.3900-1.3890 and 1.3880-1.3870

    USD/JPY Drop and Rise

    The pair is falling in early trading this week, but is likely to encounter support by 95.30. If that fails, 95.00 is the support level beyond.

    Once getting into this support area, a bounce is likely. A continued fall would be quite bearish.

    Upside resistance from where the pair currently trades is 95.70, 95.90, 96.10 and 96.30.

    Analysis by: http://www.forexpros.com - Written by Cory Mitchell

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