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Forexpros.com Daily Analysis - 28/05/2009

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Forexpros.com Daily Analysis - 28/05/2009

Post by ForexAnalysis on Thu May 28, 2009 10:56 am

ForExPros.com Daily Analysis -- May 28, 2009

EUR/USD Breaks Recent Lows

The pair fell through the May 26 swing lows. This is not too significant at this point, but when London opens, failure to test and hold above this 1.3870 level would set a short term negative tone.

A break below 1.3800 put initial targets at 1.3750 and if broken, 1.3650.

If pair does move back above 1.3870, the 1.3900 area should provide some resistance and beyond that 1.4000 1.4050.

Watch for economic news out of the US starting at 1200 GMT.

USD/JPY Early Surge

The pair surged early gaining over a 100 pips. Expect resistance at 96.60-96.80. A move above this area would target 97.15 and beyond 97.65.

If prices retreat, a support area should be found between 95.80-95.60. Beyond, 95.20 and 94.90, although these level are unlikely.

Analysis by:
[You must be registered and logged in to see this link.] - Written by Cory Mitchell

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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