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 Yen Currency Trading for 8th October

Currencies / Forex Trading Oct 08, 2009 - 08:22 AM GMT

By: ForexPros

Currencies First we would like to draw your kind attention to the ECB rate decision that will come out later today, and to president Trichet's news conference that will follow. The Euro advanced to 1.4761 before retreating back to 1.4682. And with that, 1.4776 became the most important resistance for the short-term, and the key to reach new tops. If broken, the Euro will be able to reach areas above 1.48 within 24 hours after the break, first of which is 1.4824, then new highs above the tops of September 22nd & 23rd, the most attractive of which is 1.4901.


On the other hand the most important support for the short-term is Fibonacci 61.8% at 1.4695, holding above it is crucial for the upward movement. But if it's broken, we expect a test of one of the important support levels in the 1.46 & 1.45 areas such as 1.4645, 1.4613, 1.4575, down to 1.4509.

Support:
• 1.4695: Fibonacci 61.8% for the short-term.
• 1.4645: Previous intraday resistance.
• 1.4587: Previous intraday support.

Resistance:
• 1.4776: previous well known resistance.
• 1.4824: previous daily high.
• 1.4901: previous daily high.

USD/JPY

Dollar-Yen broke 88.59 and reached the target suggested in yesterday's report with astonishing accuracy when the drop stopped at 87.98, compared to our first target 87.97. Then it went up to 89.38 sharply in what might turn out to be some sort of intervention by the Japanese government. And now, it is moving above the important support 87.97, which is the key to reach 87.10. On the other hand, the resistance 89.38, which is close to the top of the triangle formation, is going to be the resistance of the day.

If we break 89.38, short-term direction will be up, which would give a chance to go above 90 again, where the first important resistance in this area is the limit of the downtrend 90.40, which represents the falling trendline from August 9th top. Just below it there is the moving average SMA10. There are several resistance levels between here and the strong 91.63. If we break 87.97, the direction would stay as it is (down), and that would mean we are on our way to test or may be break the 14-year low 87.10.

Support:
• 87.97: Jan 23rd low.
• 87.10: 2009 low.
• 86.40: previous support from 1995.

Resistance:
• 89.38: the upper trendline in the supposed triangle pattern, most important resistance for the short-term.
• 89.96: Oct 5th high.
• 90.40: 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