Free, Live Forex Webinar This Week!
Sharpening Your Edge Series: Pivot Points
Hosted by: Andrei Pehar of Fx Knight
Date: Wed, Jun 24, 2009, 15:00 GMT
Discover one of the best-kept secrets of bank traders. Pivot points and their medians have long been a favorite of the biggest institutional players, and since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. But too many traders calibrate their pivots incorrectly since they lack an understanding of their meaning and how the markets work.
In this webinar fund manager and trading coach Andrei Pehar will take you inside the world of institutional trading and show you step-by-step how to set up and use pivot points on the popular MetaTrader platform. Attendees will receive links to a free copy of MetaTrader so you can practice what you learned (on commodities and stocks, not just forex), free pivot indicator downloads, and other free webinars to help further your learning.
Click HERE to register and watch for free:
EUR/USD Continues to Range
The pair is trading within a 120 pip range between 1.4000 and 1.3800 over the last couple trading days. This range has held in early trading.
1.3880 is initial support. A move below 1.3860 would confirm that break. The overal target for that move is 1.3760, with intermin support at 1.3820 and 1.3800. If prices move beyond 1.3760, there is support at 1.3740.
Resistance is likely in the 1.3740-1.3760 area. A move beyond indicates a test of the range highs near 1.4000. A break out today will encounter resistance by 1.4040 or 1.4080.
USD/JPY Approaches Break Point
The pair continues to fall in early trading, heading towards the 95.60 support level. A break of that level could trigger futher selling.
A move below 95.60 will likely encounter support at 95.30. A move beyond could occur, but is unlikely as a further fall would exceed the pairs daily average range. Little support exists beyond this point though.
Upside reistance is at 96.30 and would test 96.50 if exceeded.
A continued move above will hit reistance at the 96.85 area and 97.00.
Analysis by: http://www.forexpros.com - Written by Cory Mitchell
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