Forexpros.com Daily Analysis - 27/05/2009

by ForexAnalysis Wed May 27, 2009 12:04 pm

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The pair has pushed below former lows at 1.3950. The daily low is 1.3933 and a break below this would signal a move to 1.3900. Short term trend line support is also just above this level currently. Failure to hold would provide a target of recent swing lows at 1.3850.

A push through 1.4000 targets 1.4050. Beyond 1.4130 and 1.4200, if rates continue to push higher.

Daily trend is still up.

[You must be registered and logged in to see this link.] Early Break

In early trading Tokyo trading the pair broke above a range which had been in place for nearly two days. This break puts initial targets 95.80. Minor resistance if every 20 pips higher till the 96.60 level.

A break back below 95.00 would indicate a false breakout and a test of the lows at 94.60. If rates move below this the next profit target is 94.00

Analysis by: [You must be registered and logged in to see this link.] - Written by Cory Mitchell

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