Free webinar tomorrow Thursday Aug. 27, 2009
Trend Identification in the Currency Markets
With expert Dan Cook
Date: Thu, Aug 27, 2009, 11:00 EST
One of the oldest sayings in the financial markets is The Trend is your Friend, always Trade with the Trend. At first, that may sound easy enough; but, what is the trend? The goal of this webinar is to help sort out some of the confusion surrounding this concept.
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EUR/USD - Range Bound
The pair continues to trade within a range starting a few days ago.
Support is established at 1.4280 and 1.4250 (and just below). Breaks below these levels indicate further selling. Target for a break below 1.4250 is 1.4130 with support likely at 1.4200 and 1.4170 on the way. Daily average range has dropped to about 100 pips, so that target may take a couple days to hit if such circumstances develop.
Minor resistance is at 1.4320 with a break above to target range highs in the 1.4360-1.4370 region. 1.4340 also offers some resistance. Resistance beyond the range high is at 1.4400 and every 20 pip until 1.4450-1.4460.
It was a mixed day yesterday with several whipsaw moves. This movement could quite possibily continue in this region as there is indecision on the direction, with aggresive moves up and down but not within a set range.
Support is at 93.80 with moves below gravitating towards 93.40 and beyond 93.10.
A rise above 94.25 is likely to test swing highs at 94.60 and beyond that, 95.00.
Forex trading analysis by Forexpros - Written by Cory Mitchell
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