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Forexpros.com Daily Analysis - 21/05/2009

Discussion in 'Fundamental Analysis' started by ForexAnalysis, May 21, 2009.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

    Apr 13, 2008
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    EUR-USD Watch the Breakout

    As we head into the London session expect the highs and lows to be tested of the current range. The pair has consolidated within a 70 pip range. A move above the highs at 1.3830 would indicate a profit target of 1.3900 and beyond this 1.3990.

    A sustained move below 1.3750 would indicate further selling into the 1.3680 area. Support is likely be found here. Further support extends down towards recent swing lows just above 1.3580.

    The uptrend is still intact and strong on daily charts and hourlies. Hourly trend line support is currently at 1.3650 heading into the London session. Daily trend line support sits just above 1.3500

    USD-JPY Continuation Pattern

    The USD has fallen off over the last 2 days against the JPY. Certain chart patterns point to a continuation of this downtrend.

    As we head into the London session a break from the current range is likely.

    A sustained move above 94.70 would offer a profit target of 95.00-95.10. This level is expected to hold. Resistance beyond is found at 95.40 and again through 95.60-95.80.

    A break below 94.40 would give early indication of selling pressure, but a break below 94.25 indicates another leg in the downtrend. Initial target for the downswing is 94.00 (a move just below is expected on initial probes). A move beyond this would indicate profit targets of 93.70 and the March 19 low in the 93.50 area.

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

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