Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Euro Dollar at Important Support Level

Currencies / Forex Trading Sep 21, 2009 - 05:12 AM GMT

By: ForexPros

Currencies The Euro is approaching at this very moment the bottom of the rising channel on the hourly chart, and in the same area we noticed an intraday support that has shown itself several times lately, which adds more importance to this level. Reaching this area is the most important test for the EURUSD since reaching 1.4766 last Thursday.


If it survives here, there will be a chance to test the most important resistance for the short-term 1.4723 which is the falling trendline from last week's high, and if this resistance is also taken, we will have a good chance of seeing the top of the channel which is currently at 1.4824, this week. On the other hand, breaking this channel would be a clear signal of weakness, and would mean that we are currently in a correction for the whole up-move from 1.4176 to 1.4766, which is going to target 1.4541 at least, and probably areas below it, the most important of which are 1.4471 & 1.4401.

Support:
• 1.4660: the bottom of the current rising channel, and an intraday support that has shown itself several times lately.
• 1.4579: previous support.
• 1.4514: Sep 14th high.

Resistance:
• 1.4723: the falling trendline from Thursday's high 1.4766.
• 1.4774: previous daily high.
• 1.4824: previous daily low.

USD/JPY

Dollar-Yen is approaching Fibonacci resistance 91.70, at this very moment, for the third time, and we could see a break in the next few hours, especially after breaking the falling trend channel on Friday, and closing above it. After this break, the most important resistance became 92.07, which is the level that the price should break to show seriousness in breaking the channel. If we manage to surpass it, more upside action is to be expected, reaching, or at least approaching the resistance area 92.70-92.80. Today's short-term support is provided by the rising trendline from Wednesday's low, which is currently at 91.31, and breaking it would be evidence of weakness, and moving to areas below 90, where some targets await, the first of which is the support area 89.68-89.78. We do not see USDJPY free from pressure without breaking 92.07.

Support:
• 91.31: the rising trendline from Wednesday's low.
• 90.71: intraday support/resistance from last week.
• 89.68/78: important support area containing the lows of Feb 11th, 12th & Dec 29th 08.

Resistance:
• 92.07: Fibonacci 61.8% for the last move falling from 93.28, the most important resistance for today.
• 92.70-92.80: previous support area which contains a number of daily lows in the past few months.
• 93.28: Sep 7th high.

Analysis by: http://www.Forexpros.com - Written by Munther T. Marji

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading
tools which provides brokers, traders and everyone involved in the financial market with an all-round guide to Forex.

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.

ForexPros Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in