EuroEUR-USD @ 1.4375/79...Ranged

R: 1.4531 / 1.4592 / 1.4593
S: 1.4361-54 / 1.4307 / 1.4188-78

The Euro has been moving in a slightly bullish channel on the hourly chart since mid Dec '09. The extreme bounds for the channel are 1.4280 and 1.4500 for today. A fall towards the channel Support may be bought.

Overall the markets seems to have moved into a broad range since the middle of December and is likely to remain so till the middle of January unless a clear direction emerges out for the first half of 2010. We shall have to see if that happens next week when the ECB is scheduled to announce interest rate decision. It would be ideal to buy Euro at lower levels till the 200-DMA is not breached. The 200-DMA Support is at 1.4242 currently.

Limit Buy Order:
Buy EUR 10K at 1.4300, SL 1.4225, TP Open

YenUSD-JPY @ 92.12/15...Holding Short

R: 92.50 / 93.00-20 / 93.47
S: 92.00 / 91.45 / 91.20-00

After rising and recording a high of 92.74, DOllar-Yen has fallen once again. As mentioned earlier, a strong break below 92 might pull it down towards 91.20-00 in the coming sessions. Any sharp upmove is not looking likely now and we expect the Resistance at 92.50 to hold during the day. However, if it continues to trade above 92 and gains upside momentum, a strong break above 92.50 might see 93.00-20 on the upside.

USD 10K Short at 92.50, SL 93.40, TP 91.20
As soon as the market trades 91.80, bring the SL down to 92.70

Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.