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Forexpros.com Daily Analysis - 20/08/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Aug 20, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

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    Forexpros.com Daily Analysis Aug 20, 2009

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    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.

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    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.

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

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