Free webinar - Chart Patterns and Market Cycle Confirmation

Expert: Raghee Horner

Date: Thu, Aug 20, 2009, 12:00 EST

Learn how to trade support, resistance, and chart patterns and market cycle analysis to help you find trading set ups.

Learn how to filter trade set ups for the best set up and understand triggers as well as market cycle analysis to improve your entries and trade selections.

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EURO/DOLLAR

The pair is approaching support between 1.4100 and 1.4120. A bounce off this level indicates a move higher to rest resistance between 1.4260 and 1.4280. A break above indicates another move higher and a test of further resistance at 1.4320.

Support below 1.4100 is at 1.4080 followed by 1.4000.

With the trend still up the bias is to the upside.

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USD/JPY

Support at 94.40 has held so far, a break will likely target 94.00. Further support is at 93.80 and 93.40.

Resistance on the upside is at 95.00 and 95.50. The current trends point to a bias to the downside for the pair. But 94.40 will need to be penetrated on a sustained break for that to materialize.

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Forex trading analysis by Forexpros - Written by Cory Mitchell

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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.