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Forexpros.com Daily Analysis - 29/06/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Jun 29, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

    Jan 27, 2009
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    EUR/USD Fails

    The EUR failed to push above the former swing high at 1.4140 and has retreated in early trading this week. If support at 1.3980 is broken it places the short term bias downwards with a target of 1.3900 and beyond that 1.3840.

    Resistance is currently 1.4040-1.4060. The targets beyond this level are 1.4100, 1.4140 and 1.4175.

    USD/JPY Push Higher

    The pair failed to take out lows at 94.88 (June 23) and is now pushing higher. This places the bias upwards.

    So far resistance has held at 95.60. A push above is likely to target 96.00 and then 96.20.

    A retreat below 95.30 indicates a target of 95 and beyond that 94.60 (support also at 94.85-90 area). Such a move would places the bias downward once again.

    Analysis by: http://www.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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