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Forexpros.com Daily Analysis - 12/08/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Aug 12, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

    Jan 27, 2009
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    Forexpros.com Daily Analysis, Aug. 12

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    A chart pattern is a distinct price formation that creates a trading signal, or a sign of anticipated price movements. Chartists use these patterns to identify current trends and reversals and to set buy and sell signals.
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    A rather tight range yesterday. A break above the 1.4190 indicates a short term break of the range and a target of 1.4220. The target beyond is 1.4320 if the pair continues to push higher.
    A break below 1.4100 indicates another swing down with target at 1.4030 and 1.4000.



    Support is at 95.40 and 95.00. A break below 95 will likely probe into the 94.50 area. There is an upward sloping trend line which currently is running through 95.40. So a move below this level shifts the overall bias for the pair downwards.
    Upside resistance is 96.10 and just below 96.60.

    Forex trading analysis by Forexpros.com - Written by Corey Mitchell


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