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Forexpros.com Daily Analysis - 18/06/2009

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Forexpros.com Daily Analysis - 18/06/2009

Post by ForexAnalysis on Thu Jun 18, 2009 12:31 pm

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The last three days have seen the EUR march higher. This has created a short term uptrend. Support is at 1.3910, with trend line support at 1.3860, and beyond that 1.3820, 1.3800.

The pair did manage to push above 1.3950 briefly but has now fallen back below. A move above is bullish and a further move higher would be confirmed if 1.3980 is surpassed. The profit target for that move is 1.4060-1.4080. Beyond that 1.4120 should hold through today’s session.


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The pair continues to fall with 95.50 so far holding.

A quick move below 95.50 could occur moving to the 95.30 area. Beyond this there is no real support till 94.50. 95.00 is a profit target based on current moves so that is also a level to watch.

A push above 96.00, if it holds would target 96.50. A move higher is not expected with the current selling pressure, but 96.80 provides resistance beyond.


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

Disclaimers:
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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