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Forex Trading Briefs for EUR/USD and USD/JPY 27th May 09

Currencies / Forex Trading May 27, 2009 - 06:20 AM GMT

By: ForexPros

Currencies

EUR/USD

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.

USD/JPY 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: http://www.Forexpros.com - Written by Cory Mitchell

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading
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Copyright © 2009 by ForexPros.com All rights reserved.

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.

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