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Forexpros.com Daily Analysis - 31/08/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Aug 31, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

    Jan 27, 2009
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    Forexpros Daily Analysis Aug 31, 2009

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    Euro Dollar - Indecision

    Friday corrected a major portion of the move up on Thursday, and early trading this week has been mixed forming a range.

    Minor resistance has formed at 1.4310 with further resistance at 1.4320. A climb above will likely target 1.4350 followed by 1.4380 and 1.4400-1.4410.

    Support is 1.4290, 1.4280 with a break below heading for 1.4250 and (if needed) 1.4220-1.4210.

    False breakout are likely in this current climate.


    USD/JPY - Over the Cliff

    Early trading has sent the USD lower and below support at 93.20 and 93.00. These levels will now provide resistance on the upside and a push above is likely to test 94. A rise above 94 (unlikely today) warns of a bear trap.

    The breakout lower has a target of 92.20. Further support is in the 91.80 region.


    Forex trading analysis by Forexpros - Written by Cory Mitchell


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