Forexpros.com Daily Analysis - 02/06/2009

by ForexAnalysis Tue Jun 02, 2009 12:50 pm

Free, Live Forex Webinar Tomorrow!

Candlestick Charting
Hosted by Mark de la Paz of FX Instructor
Wed, June 3, 2009, 15:00 GMT

Knowing when the market is going to reverse or continue is one of the most critical elements to trading successfully. In this class, we will explore the CCI (Commodity Channel Index) and discover some simple yet powerful techniques for detecting exactly when a pair is likely to continue trending or reverse.

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[You must be registered and logged in to see this link.] Awaits Breakout

The pair has been stuck in a range through early trading, but the EUR is showing early signs of weakness.

A drop below the lows of 1.4100 would confirm a swing down and would target 1.4020 and beyond this 1.3980.

A move above 1.4180 would be needed to show signs of resuming strength. A break of this level would indicated a move to test the highs at 1.4250.

[You must be registered and logged in to see this link.] Flag Pattern

The pair has been moving sideways after a strong run yesterday. This has formed a flag pattern which indicates a continuation of the rise. Yet a breakout can be traded in both directions.

A break above 96.60 would provide early signals of continuation in yesterdays rise. Confirmation would come from a break above 96.80 with profit targets at 97.00 and resistance is expected at 97.20.

A push below 96.20-96.10 points to at least a partial retracement of yesterdays surge. The initial target is 95.70 with 95.40 expected to hold beyond that.

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