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Forexpros.com Daily Analysis - 22/06/2009

Discussion in 'Fundamental Analysis' started by ForexAnalysis, Jun 22, 2009.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

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    Free, Live Forex Webinar This Week!

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    ---

    EUR/USD Continues to Range

    The pair is trading within a 120 pip range between 1.4000 and 1.3800 over the last couple trading days. This range has held in early trading. 1.3880 is initial support. A move below 1.3860 would confirm that break.

    The overall target for that move is 1.3760, with interim support at 1.3820 and 1.3800. If prices move beyond 1.3760, there is support at 1.3740.

    Resistance is likely in the 1.3740-1.3760 area. A move beyond indicates a test of the range highs near 1.4000. A break out today will encounter resistance by 1.4040 or 1.4080.


    USD/JPY Approaches Break Point

    The pair continues to fall in early trading, heading towards the 95.60 support level. A break of that level could trigger further selling.

    A move below 95.60 will likely encounter support at 95.30. A move beyond could occur, but is unlikely as a further fall would exceed the pairs daily average range. Little support exists beyond this point though.

    Upside resistance is at 96.30 and would test 96.50 if exceeded. A continued move above will hit resistance at the 96.85 area and 97.00.


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

    Disclaimers:
    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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