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Forexpros.com Daily Analysis - 09/06/2009

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Forexpros.com Daily Analysis - 09/06/2009

Post by ForexAnalysis on Tue Jun 09, 2009 11:48 am

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EUR/USD Testing Support

The pair pulled up from the 1.3800 support level, but has fallen back towards it in early trading today.

A break below this level would mean another slide downwards of 100+ pips with an initial target at 1.3670-1.3650 and beyond that the 1.3600 area.

A move above 1.3940 would target 1.4040 and 1.4090. There is also resistance at 1.4000.


On the hourly chart the pair broke below a support level which had held rates above 98.20 since late trading June 5. That level was broken in early trading today.

While this may be a false breakout, targets on the downside are 97.55 and 97.00.

A move back into the range of 98.20-98.90 would signify a retest of short term resistance at 98.50 and the highs of the range at 98.90-99.00.

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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