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Euro Dollar Just Above Important Support Level

Currencies / Forex Trading Aug 19, 2009 - 03:46 AM GMT

By: ForexPros

Currencies

The pair is currently just above an important level between 1.4130-1.4120. A drop below , especially with confirmation from penetration of 1.4100, is likely to test 1.4050. The target and support beyond is at 1.4000.


A rise above 1.4180 indicates a move to test the downward sloping hourly trend line in the 1.4240 area. A break above indicates a long-term upward move, but will find resistance in the region of 1.4300.

USD/JPY
Looking at the recent decline of the pair on the hourly chart, it can be seen the pullbacks (higher) have become weaker over the last several days. Selling pressure has also eased but the current trend is still down.

Containment within the area of 95.30-94.10 is quite likely. After aggressive moves higher and then back down over the last couple weeks price action contained within this range is quite probable.

If the pair does move out of the range, bias is to the downside. A break below 94.10 indicates a further slide with a target of 93.20 (not necessarily today). Support is above this at 93.80 and is expected to hold today.

A move above 95.30 is less likely. Resistance is at 95.50 and 95.80.

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

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