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Developing a Trading Plan
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Wed, June 17, 2009, 15:00 GMT
Just as all businesses require a written plan to be successful, trading is no exception. However, most investors minimize the importance of a trading plan -- the pervasive mentally in the marketplace is that a loosely defined strategy will reap profits, as long as it works more often than not. During this webinar, Dan Cook, Senior Market Analyst of IG Markets will combat this misconception and demonstrate how a concrete trading plan plays a crucial role in maximizing ones strategies.
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EUR/USD Pulls Off Lows
The pair pull off the early lows set yesterday. The 1.3750 level held on the downside but the 1.3935 area also held on the upside.
The break down earlier in the week has yet to be confirmed. The levels mentioned above are now pivotal.
Support is at 1.3800 and 1.3750 and beyond that 1.3700.
Resistance is expected at 1.3925, 1.3960, 1.4000, 1.4030.
USD/JPY Breakout Confirmed
Yesterday the pair rallied to retest the old support levels. These levels, now resistance levels, held off USD buyers and the rate fell to new short-term lows. This confirms the break downwards and put the bias down once again.
Rallies can still occur with resistance at 97.00 and 97.30. A move higher than this today is unexpected unless news out of the US at 1230 GMT comes in with a big surprise.
Mild support is at 96.40 and 96.20. 96.00 and 95.60 offer more solid support.
Forex Trading Analysis written by Cory Mitchell, featured by forexpros.com
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.