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Forexpros.com Daily Analysis - 10/06/2009

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Forexpros.com Daily Analysis - 10/06/2009

Post by ForexAnalysis on Wed Jun 10, 2009 12:03 pm

Free, Live Forex Webinar Next Week!

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Hosted by Dan Cook of IG Markets
Wed, June 17, 2009, 15:00 GMT

Just as all businesses require a written plan to be successful, trading is no exception. However, most investors minimize the importance of a trading plan – the pervasive mentally in the marketplace is that a loosely defined strategy will reap profits, as long as it works more often than not. During this webinar, Dan Cook, Senior Market Analyst of IG Markets, will combat this misconception and demonstrate how a concrete trading plan plays a crucial role in maximizing one’s strategies.

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[You must be registered and logged in to see this link.] Range Break Pending

The pair is nestled in a congestion area of old support and resistance levels. The range is currently 1.4050-1.4100. Based on average daily movements we can expect at least 90-100+ pips of movement outside of this this range.

Initial target for a downside break is 1.4000, beyond 1.3960 and 1.3920.

A push past 1.4100 would put the initial target at 1.4150 and beyond 1.4200 and 1.4225.

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The pair has rebounded in early trading after a fall yesterday. The 97.10 - 97.00 is the closest support area. A break of that level would likely pull the rate into the 96.50 area and beyond that 96.20.

The pair is currently pushing higher, and a break above 97.60 would target 97.80 and beyond 98.10 and 98.30 - 98.40.

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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