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Forexpros.com Daily Analysis - 04/06/2009

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Forexpros.com Daily Analysis - 04/06/2009

Post by ForexAnalysis on Thu Jun 04, 2009 9:04 am

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With news out of the US and the EURO zone today a larger than average range is expected (150 + pips).

1.4100 has become a major short term support zone. A drop below this would signify a deeper correction. A breach of the level would signify a move to 1.4050 and beyond 1.4000. and 1.3950

A small resistance has formed during early trading at 1.4190. A sustained move above this would target 1.4270 and beyond 1.4320 and 1.4350.


With the price swings narrowing over the past two days a short term breakout could occur. A move above 96.30, confirmed by a break of 96.40, would signal profit targets of 97.00 and 97.50.

A break below 95.70-95.60 would target 94.90 and beyond 94.50.

News out of the US today at 12:30 GMT.

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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