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Forexpros.com Daily Analysis - 21/07/2009

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Forexpros.com Daily Analysis - 21/07/2009

Post by ForexAnalysis on Tue Jul 21, 2009 11:29 am

Forexpros.com Daily Analysis - July 21th, 2009

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EUR/USD The pair managed to break above 1.4200 yesterday. This sets up for a likely test of the May high at 1.4340 (not necessarily today).

1.4240-1.4250 is a resistance area as well as 1.4270.

Support is at 1.4180, followed by 1.4140. If indeed we are moving higher, 1.4140 should hold on retracements. Further support is at 1.4100 and 1.4060.


USD/JPY The pair has retreated back into the middle of a range which has developed over the last week.

Minor support is at 93.75 followed by 93.50. A drop below this would shift the bias downwards. 93.20 is the support level beyond.

Minor resistance is likely at 94.20. 94.60 and 94.80 are more significant.

Analysis by:
Forexpros.com - 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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