Free webinar on Sep. 8, 2009
Watch How the Pros Trade!
Expert: Richard Regan
Pro trading offers a one-off, train-and-trade capital solution. Head pro Richard Regan will discuss his trades of the day, why he got into them, why he got out, what trades he avoided and missed, and why. There will also be a 15-minute interaction session to ask Richard anything you want!
Click here to join the webinar!
EUR/USD - Respects Support
In early trading the pair is respecting the 1.4200 level. This is a horizontal and hourly trendline support area. The trendline will rise throughout the day. The bias is up, with 1.4220 also coming in as support.
A break below these levels indicates a move to 1.4140. Support is expected in the 1.4180-1.4160 region.
A continued rise, first above 1.4260, is likely to test recent swing highs in the 1.4350-1.4360 area.
USD/JPY - Short-Term Break
The range that developed over the las two days was broken in early trading today. The pair brroke below 93.75 and is moving towards support at 93.40. A move below indicates targets of 93.20 and 93.00.
A push back above 93.80 indicates the break was false and swing highs will likely be retested in the 94.40-94.60 region. 94.20 also provides resistance.
Forex trading analysis by Forexpros - Written by Cory Mitchell
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.