Forexpros.com Daily Analysis - 20/08/2009

Forexpros.com Daily Analysis Aug 20, 2009

Next Thursday - Two free webinars in one day!

Trend Identification in the Currency Markets
With expert Dan Cook
Date: Thu, Aug 27, 2009, 11:00 EST

Watch How the Pros Trade!
With expert Richard Regan
Date: Thu, Aug 27, 2009, 17:00 EST

Click here to join the webinars.

---

Euro Dollar

1.4260 proved to be a strong resistance level, stalling the EUR surge yesterday. Currently the pair appears to be forming a continuation pattern. But a break below 1.4180 is likely to see a further slide. Support is at 1.4150, 1.4120 and 1.4100.

A move higher is more likely at this point. If 1.4260 is exceeded it indicates another move higher. Initial target is 1.4310 followed by 1.4380.

---

USD/JPY

The pair continues to decline, falling through support yesterday before bouncing to retest that former support level in late trading. Currently the pair is pushing at resistance. A push above 94.50 indicates at least a brief move higher into the 94.70 region, and if surpassed 95.00.

There is little support in a decline until 93.80 followed by 93.40.

---

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

---

Disclaimer
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.

__________________
Forexpros.com - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.