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 Attempting to Break Above Resistance

Currencies / Forex Trading Dec 24, 2009 - 04:07 AM GMT

By: ForexPros

Currencies The Euro broke the resistance specified in yesterday’s report 1.4298, but it stopped half way between the support & the target, as the high in the past 24 hours was 1.4365, a few pips below short term resistance 1.4371. This morning the price came back close to this resistance that we consider as resistance of the day, and breaking it would confirm the upward direction that started by breaking the descending channel.


Short-term support is at 1.4238 and breaking it is not expected after the radical change in the technical outlook that happened after breaking 1.4298. But if it happens it would target 1.4153 and then 1.4030. A break of today’s most important resistance 1.4371 would cause a jump to 1.4502, and later to Fibonacci 38.2% for the medium-term 1.4596.

Support:
• 1.4238: Fibonacci 38.2% for the micro-term.
• 1.4153: Jul 2nd high.
• 1.4030: the bottom of the descending channel on the hourly chart, and Aug 18th low.

Resistance:
• 1.4371: Monday’s high, and the resistance that the price tried to break twice in the past 24 hours.
• 1.4502: Dec 15th low.
• 1.4596: Fibonacci 38.2% for the medium term (for the whole move from 1.5139 to 1.4260).

USD/JPY

Though it tried more than once, the Dollar-Yen could not break 91.78, and that is why there is almost no change to the technical outlook we spoke about yesterday. The price is invited to show strength against the resistance 91.78 (currently trading pips below it), and if broken, a test of the area that caught our attention 92.31-92.52 will be only a matter of time. And if this area is broken, the Dollar will take off, towards March 19th low 93.53. On the other hand, if the price fails to create a sustained break of 91.78, a drop towards 91.06 where the moving average SMA100 & the retest level for the broken channel are waiting, will follow. And if this level is broken, the price will drop towards the important 90.03, and if broken we are to see 89.55.

Support:
• 91.06: the moving average SMA100 on the hourly chart, and the retest level for the broken channel.
• 90.03: Fibonacci 61.8% for the whole move from 88.91 to 91.85.
• 89.55: previous important intraday low.

Resistance:
• 91.78: Jul 8th low.
• 92.31-92.52: resistance area created between Oct 27th & Sep 21st tops.
• 93.53: Mar 19h low.

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

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.


© 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