Premium Webinar - Sharpening Your Edge: Recognizing the Candlestick Patterns

Expert: Andrei Pehar
Date: Thu, Sep 17, 2009, 11:00 EST

Learn to predict where price is likely headed next using the only 6 candlestick patterns you ever need to know.  No more need to memorize dozens of patterns or go through stacks of books - just about every other formation you'll run across in your trading is a variation of these basic 6, and once you know them you'll be able to recognize the early warning signs of both continuations and reversals.
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Euro Dollar - Indecision

Friday corrected a major portion of the move up on Thursday, and early trading this week has been mixed forming a range.

Minor resistance has formed at 1.4310 with further resistance at 1.4320.  A climb above will likely target 1.4350 followed by 1.4380 and 1.4400-1.4410.

Support is 1.4290, 1.4280 with a break below heading for 1.4250 and (if needed) 1.4220-1.4210.

False breakout are likely in this current climate.
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USD/JPY - Over the Cliff

Early trading has sent the USD lower and below support at 93.20 and 93.00.  These levels will now provide resistance on the upside and a push above is likely to test 94.   A rise above 94 (unlikely today) warns of a bear trap.

The breakout lower has a target of 92.20.  Further support is in the 91.80 region.
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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.