Forexpros.com Daily Analysis - 16/06/2009

by ForexAnalysis Tue Jun 16, 2009 12:19 pm

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[You must be registered and logged in to see this link.] Breaks Support

The pair broke below the 1.3800 level. A sustained break of this level points to a further decline in the rate as indicated by the topping pattern. So far the pair has managed to stay above the 1.3750 level which is a rising trend line support area.

A move below 1.3740 indicates an initial move to 1.3680. Beyond this support is likely at 1.3640 and the 1.3600 area.

A pullup could occur, finding resistance by 1.3850, 1.3885-1.3890 and beyond that 1.3915.

The bias has shifted to short-term bearish for the pair, but a daily close below 1.3750 would provide more confirmation of this.

[You must be registered and logged in to see this link.] Pair Breaks Multiple Support Levels

Through trading yesterday and early today the pair plunged through multiple support levels. The pair currently sits in an old resistance (now support) area.

A drop below the lows at 96.50 points to continued deterioration. First target is 96.25 followed by 96.00 and 95.60.

Upside resistance is at 97.00, 97.20-97.30 and 97.60.

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

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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.