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Forexpros.com Daily Analysis - 29/06/2009

Discussion in 'Fundamental Analysis' started by ForexAnalysis, Jun 29, 2009.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

    Apr 13, 2008
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    EUR/USD Fails

    The EUR failed to push above the former swing high at 1.4140 and has retreated in early trading this week. If support at 1.3980 is broken it places the short term bias downwards with a target of 1.3900 and beyond that 1.3840.

    Resistance is currently 1.4040-1.4060. The targets beyond this level are 1.4100, 1.4140 and 1.4175.

    USD/JPY Push Higher

    The pair failed to take out lows at 94.88 (June 23) and is now pushing higher. This places the bias upwards.

    So far resistance has held at 95.60. A push above is likely to target 96.00 and then 96.20.

    A retreat below 95.30 indicates a target of 95 and beyond that 94.60 (support also at 94.85-90 area). Such a move would places the bias downward once again.

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

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