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
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
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

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Strong Euro Dollar Bounces off Support

Currencies / Forex Trading Sep 22, 2009 - 02:50 AM GMT

By: ForexPros

Currencies

The Euro held around the secondary Fibonacci support of 23.6%, which is in the 1.4620 area, and went back up to above 1.47. The "limited" move of yesterday had "limited" effect. We have re-drawn the channel, to make it comprehensive, and to include all the price behavior since the beginning of the month.


The bottom of this new channel is exactly at Fibonacci 38.2% support 1.4541, which makes this support a candidate to be the decisive area separating positive from negative territory. As for the short-term , the support is 1.4705, and a break here would initiate a correction for the rise from yesterday's low, ideally targeting 1.4656, the support that if broken would open the road to test the most important support for now 1.4541. Short-term resistance is 1.4756 and breaking it is the key to reach 1.48 for the first time this year, where some targets await us, especially 1.4824 and 1.4901.

Support:
• 1.4656: short-term support.
• 1.4541: Fibonacci 38.2% for the medium-term, and the bottom of the rising channel from the beginning of the month. The most important support for now, breaking it would mean the end of the uptrend for the medium-term.
• 1.4471: Fibonacci 50% for medium-term.

Resistance:
• 1.4756: short-term resistance.
• 1.4824: previous daily high.
• 1.4901: previous daily high.

USD/JPY

We have reached 92.50 for the first time in two weeks, after breaking all Fibonacci resistance levels for the last move down. But even that the Dollar-Yen broke them all, it could not hold above 92, returning fast to test the previous resistance 91.60-91.63 which became a support. In the same area, we find the rising trendline from last week's low 90.11, which ads more importance to an already important area. Until this very moment, the support area has held (today's low until now is 91.62). That is why we will keep this area on the lookout. Holding above here will give another chance to reach the resistance area 92.70-92.80, and may be later test the previous top 93.28. Breaking it would be a surprise after yesterday's advance. And if this surprise happens, we would go back to the negative status of this pair, which would gradually lead to test (and may be break) the psychological level 90, and to targets below it, first of which is the support area 89.68-89.78.

Support:
• 91.60: previous resistance area, and the rising trendline from last week's low.
• 90.97: intraday support from last week.
• 91.11: Sep 16th low.

Resistance:
• 92.17: Fibonacci 61.8% for the short-term.
• 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