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Forexpros.com Daily Analysis - 16/07/2009

Discussion in 'Fundamental Analysis' started by ForexAnalysis, Jul 16, 2009.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

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    Forexpros.com Daily Analysis - July 16th, 2009

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    Date: Thu, Jul 21, 2009, 18:00 GMT

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    EUR/USD The pair did push above some resistance within the longer term range yesterday which indicates a push towards 1.4200 is likely.

    Support is at 1.4040 and 1.400. A bounce is likely off these levels, but there is further support at 1.3950 and 1.3900.

    Resistance is likely in the 1.4160 area and beyond that 1.4200. 1.4250 should hold, if needed through today's sessions.

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    USD/JPY 94.40 was yesterday's target, and the pair hit it and has retreated. This is an important level. A move back below 93.50 would indicate the move was a bull trap and that the pair is likely to head back lower.

    IF the pair does drop to 93.50 or below, 94 should hold as resistance on bounces. Further resistance is at 94.40. 94.80 should also act as a stall to rises if in fact the pair does turn higher.

    Support is 93.60 and 93.20. A break blow is likely to test former swing lows in the 92.80 region.

    Analysis by:
    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.
     
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