EuroEUR-USD @ 1.4292/95...200-DMA at 1.4230
R: 1.4320-53 / 1.4394 / 1.4431
S: 1.4200 / 1.4079 / 1.4032

Euro has been ranged between 1.4450 and 1.4220 over the last several days. It has neared the 200-DMA (1.4230) which is also the long term channel Support on the daily candles. If this Support holds, the pair may begin its upward journey right here. On the downside, however, a false break towards 1.4186 will have to be allowed for.

Even a fall towards 1.4118 (38.2% retracement of rise since Mar '09) may be seen before the pair starts moving up once again and hence dips may be seen as opportunities to buy. Till this Support holds, the bullish view will not be negated.

Market Trade (at the time of writing):
Buy EUR 10K at current level, SL 1.4220, TP Open

Limit Buy Order:
Buy EUR 10K at 1.4235, SL 1.4160, TP Open
Buy EUR 10K at 1.4125, SL 1.4060, TP Open

YenUSD-JPY @ 92.95/98...Might test the Resistance region 93.40-60
R: 93.00 / 93.40-60 / 94.35-60
S: 92.50-35 / 92.15-00 / 91.50

Dollar-Yen is trading in a narrow range below 93 in the Asian session today. With immediate Support in 92.50-35 region, there are good chances of a rise towards the Resistance region 93.40-60 during the day, provided a strong break above 93 is seen. Note that the projected Max-High for the day is 93.67. This 93.40-60 is a very significant and strong Resistance region seen on the upside and we might expect a pull back from this level towards 92-91 over the next few days/weeks. However, a strong break above 93.60 might increase the chances of a further rise towards 95.00-50.

AussieAUD-USD @ 0.8972/76...Mixed
R: 0.9030 / 0.9080-0.9110 / 0.9180
S: 0.8960-40 / 0.8900-0.8885 / 0.8845

Aussie is continuing to trade higher above 0.8950. We might expect a test of the Resistance at 0.9030 during the day. A strong break above 0.9030 might see 0.9080-0.9110 on the upside. Though it has risen from the low of 0.8735 (23-Dec), much momentum is not seen on its upmove which still keeps the downside pressure on the pair. If the Resistance at 0.9030 holds, we might see a downmove towards 0.8900-0.8885 in the coming sessions. Note 0.8885 is the 61.8% Fibonacci Fan line Support [drawn by joining 13-Mar-09 low (0.6304) and 03-Jun-09 high (0.8240)]. Overall the pair is looking mixed as of now with 50-50 chances of moving on either side from the current levels.

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