Forexpros.com Daily Analysis - 16/07/2009

by ForexAnalysis Thu Jul 16, 2009 11:49 am

Forexpros.com Daily Analysis - July 16th, 2009

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Watch How the Pros Trade!
Hosted by: Richard Regan of Pro Trading Europe
Date: Thu, Jul 21, 2009, 18:00 GMT

Pro trading offers a one-off, train-and-trade our capital solution. Head pro Richard Regan will discuss his trades of the day, why he got into them, why he got out, what trades he avoided and missed, and why. There will also be a 15-minute interaction session to ask Richard anything you want!

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NOTICE: This webinar was originally scheduled for today (jul 16) but has been postponed to Tuesday.

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[You must be registered and logged in to see this link.] The pair did push above some resistance within the longer term range yesterday which indicates a push towards 1.4200 is likely.

Support is at 1.4040 and 1.400. A bounce is likely off these levels, but there is further support at 1.3950 and 1.3900.

Resistance is likely in the 1.4160 area and beyond that 1.4200. 1.4250 should hold, if needed through today's sessions.

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[You must be registered and logged in to see this link.] 94.40 was yesterday's target, and the pair hit it and has retreated. This is an important level. A move back below 93.50 would indicate the move was a bull trap and that the pair is likely to head back lower.

IF the pair does drop to 93.50 or below, 94 should hold as resistance on bounces. Further resistance is at 94.40. 94.80 should also act as a stall to rises if in fact the pair does turn higher.

Support is 93.60 and 93.20. A break blow is likely to test former swing lows in the 92.80 region.

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

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