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 and Japanese Yen Forex Trading

Currencies / Forex Trading Sep 30, 2009 - 04:08 AM GMT

By: ForexPros

Currencies

The Euro stopped just below the most important resistance in yesterday's report 1.4639 (Asian session high was 1.4631). But even though, it is trading now above the falling channel, after it succeeded in breaking it. Still, we can spot a trendline that stopped the Euro, which is the rising trendline from inside the falling channel. We can clearly see that price stopped accurately at this line, running currently at 1.4639, the most important resistance for today as it was for yesterday.


If we break it to the upside, the Euro will be free from the falling trend, and will try to reach areas above 1.47, most important of which are 1.4720 and 1.4776, and may be areas above 1.48 later this week. The most important support is 1.4590, which represents the retest level of the channel that was broken during the Asian session. And breaking it means that the falling trend will try to reach Fibonacci 50% at 1.4509, or Fibonacci 61.8% at 1.4430.

Support:
• 1.4590: the retest level for the falling channel that was broken during the Asian session.
• 1.4509: Fibonacci 50% for the rise from 1.4176 to last week's top 1.4842.
• 1.4430: Fibonacci 61.8% for the rise from 1.4176 to last week's top 1.4842.

Resistance:
• 1.4639: the retest level of the rising trendline that was previously broken.
• 1.4720: the resistance area that stopped the Euro from rising 3 times late last week.
• 1.4776: previous resistance.

USD/JPY

We did not even come close to 89.23, but on the contrary tried to break 90.20, but could not hold above it more than a few minutes, then returned fast to below 90 again. And today, 90.20 will still be the most important resistance. If the dollar fails to break it, this pair will go back to falling, after that sharp bounce from 88.22. But, a break of 90.20 would give a chance to approach 91 since the first important resistance in these areas 90.90.

Just above that there is the most important resistance, the limit of the downtrend 91.19, which represents the falling trendline from August 9th top, and just below it there is the moving average SMA100. The most important support for today is 89.31 which is Fibonacci 50% for the rise from post-open low. If we break 89.31 that would mean we are on our way to break the 8-month low at 88.22, in this case 87.97 and 87.10 look like the most possible targets of the next leg down.

Support:
• 89.31: Fibonacci 50% for the short-term.
• 88.56: previous intraday support.
• 87.97: Jan 23rd low.

Resistance:
• 90.20: the previous support that stopped the current rise, and a support area that includes the daily lows of 11th & 16th of the month.
• 90.90: previous intraday support/resistance.
• 91.19: the limit of the downtrend, the falling trendline from Aug 9th top.

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