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Forexpros.com Daily Analysis - 03/08/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Aug 3, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

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    Forexpros.com Daily Analysis - August 3, 2009

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    EUR/USD

    After testing the 1.4000 level the pair made a surge to test the highs of the former range at 1.4300. A break above 1.4320 signals another swing higher. Initial resistance is at 1.4340 with targets beyond of 1.4400, 1.4450 and ultimately 1.4600 (not necessarily today).

    Support is at 1.4200, 1.4150 and 1.4100.

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    USD/JPY

    The pair has consolidated just above the former support level at 94.60. This has created a flag formation. This formation is a continuation pattern indicating further declines, although a push higher is still a possibility.

    Support is at 94.50 and a sustained break below would confirm another swing down. Conservative target is 94.20-94.00 with a more aggressive target being 93.80. Strong support is also at 94.00.

    Resistance is at 94.90 with a break above likely to erase some of the earlier declines. Further resistance is at 95.20, 95.60 and 95.80.



    Forex Analysis by: ForexPros - Written by Cory Mitchell

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