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Forexpros.com Daily Analysis - 25/06/2009

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Forexpros.com Daily Analysis - 25/06/2009

Post by ForexAnalysis on Thu Jun 25, 2009 12:21 pm

Free, Live Forex Webinar Next Week!

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Hosted by: Dan Cook of IG Markets
Date: Wed, Jul 1, 2009, 15:00 GMT

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[You must be registered and logged in to see this link.] Bounces

The pair fell over 200 pips yesterday but ultimately was stopped by the 1.3900 area and has since bounced higher. This keeps the bias upwards for today, but more news out of the US could make for a volatile day.

Upside resistance is at 1.3980, 1.4000-1.4010, 1.4050. Beyond that 1.4080 is likely to hold. 1.4140 is the resistance level beyond.

Minor support is present at 1.3940. 1.3900-13890 is a significant area for multiple reasons. There is little resistance until 1.3825 if a legitimate break occurs. 1.3800 and 1.3750 are both support levels beyond.



[You must be registered and logged in to see this link.] Pullback

After breaking lower over the last couple days the pair has pulled back and is heading for the 96.30 resistance level. A push above that level would indicate a test of resistance in the 96.50-96.60 area and if that fails to hold, 97.20 beyond.

Support is at 95.60 and 95.00.

More news out of the US today is likely to make for a wide ranging day.


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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