[forexpros1]

EURO/DOLLAR

The pair is approaching support between 1.4100 and 1.4120. A bounce off this level indicates a move higher to rest resistance between 1.4260 and 1.4280. A break above indicates another move higher and a test of further resistance at 1.4320.

Support below 1.4100 is at 1.4080 followed by 1.4000.

With the trend still up the bias is to the upside.

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USD/JPY - Aug 17

Support at 94.40 has held so far, a break will likely target 94.00. Further support is at 93.80 and 93.40.

Resistance on the upside is at 95.00 and 95.50. The current trends point to a bias to the downside for the pair. But 94.40 will need to be penetrated on a sustained break for that to materialize.

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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.


__________________
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Check out our new and improved Technical Studies Section.

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Forexpros Daily Analysis Aug 18, 2009

Euro Dollar Analysis - Aug 18

There is a band of resistance between 1.4120-1.4140 which so far has held. There was a downward break from a longer term pattern yesterday, and this is the likely pullback point after the breakout.

Targets to the downside are 1.4040, the recent swing low, followed by 1.4000 and 1.3960-1.3950.

A strong move up warns of a bear trap on the downside break from the longer term pattern. Resistance to the upside is at 1.4180 and 1.4250. A rose above this is unexpected and would likely result in a sharp rise higher over the coming days.

====

USD/JPY - Aug 18

Based on trendlines and previous pullbacks the pair is likely to push into the 95.20-95.40 area. A push above this indicates further strength over the coming days.

If that area holds a swing lower is very likely. Support is at 94.50, 94.20-94.00. Targets beyond this are unlikely to be hit today but the first is at 93.40.

====

USD/Canadian Dollar Forecast - Resistance Level Cracks

In an accelerated uptrend the pair briefly broke through resistance at 1.1100. Early trading has provided support and is creating a bullish continuation pattern. A push back above 1.1100 gives early warning of a swing higher but will be comfirmed if rates move beyond 1.1130.

Resistance on the way up is just below 1.1100.

A drop below 1.1020 signals selling of the USD pushing the rate down. 1.0970 is the support beyond.

Forex Trading analysis by ForexPros - Written by Cory Mitchell

---

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.

[forexpros1]

Forexpros Daily Analysis Aug 19, 2009

Euro Dollar
The pair is currently just above an important level between 1.4130-1.4120. A drop below , especially with confirmation from penetration of 1.4100, is likely to test 1.4050. The target and support beyond is at 1.4000.

A rise above 1.4180 indicates a move to test the downward sloping hourly trend line in the 1.4240 area. A break above indicates a long-term upward move, but will find resistance in the region of 1.4300.

USD/JPY
Looking at the recent decline of the pair on the hourly chart, it can be seen the pullbacks (higher) have become weaker over the last several days. Selling pressure has also eased but the current trend is still down.

Containment within the area of 95.30-94.10 is quite likely. After aggressive moves higher and then back down over the last couple weeks price action contained within this range is quite probable.

If the pair does move out of the range, bias is to the downside. A break below 94.10 indicates a further slide with a target of 93.20 (not necessarily today). Support is above this at 93.80 and is expected to hold today.

A move above 95.30 is less likely. Resistance is at 95.50 and 95.80.

EUR/JPY
Yesterday the pair tested and respected an old upward sloping trend line (broken last week), quickly retreating. In early trading today it has taken another run at the trend line and the highs for yesterday but has so far failed. This makes a further slide probable.

Initial support is at 133.40 and 133.10. A break below this level indicates a move for 132.50. Further support is at 132.00.

A rise above 135 is less likely, but will initially target 135.50. Target and resistance beyond is at 136.00.

Forex Trading analysis by ForexPros - Written by Cory Mitchell

---

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.

[forexpros1]

Forexpros Daily Analysis Aug 20, 2009

Euro Dollar

1.4260 proved to be a strong resistance level, stalling the EUR surge yesterday. Currently the pair appears to be forming a continuation pattern. But a break below 1.4180 is likely to see a further slide. Support is at 1.4150, 1.4120 and 1.4100.

A move higher is more likely at this point. If 1.4260 is exceeded it indicates another move higher. Initial target is 1.4310 followed by 1.4380.

---

USD/JPY

The pair continues to decline, falling through support yesterday before bouncing to retest that former support level in late trading. Currently the pair is pushing at resistance. A push above 94.50 indicates at least a brief move higher into the 94.70 region, and if surpassed 95.00.

There is little support in a decline until 93.80 followed by 93.40.

---

Forex trading analysis by Forexpros - Written by Cory Mitchell

---

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.

[forexpros1]

Forexpros Daily Analysis Aug 24, 2009


Euro Dollar

Some minor support and resistance levels have developed. A break of those levels is likely to set the tone for the day.

A rise above 1.4360, especially if confirmed by a push above 1.4375, indicates a further move higher. Resistance is expected near 1.4400, 1.4440-1.4450, and by 1.4530.

A drop below 1.4320 will gravitate towards 1.4300. If it holds up well, expect movement back towards 1.4360. Support beyond 1.4300 is 1.4280-1.4270, 1.4200 and 1.4160.

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USD/JPY- Short-term Trend Change

Last week ended with a bullish engulfing pattern (daily chart), indicating stregnth to the upside early this week. The start of trading this week has confirmed this as the rate pushes above recent swing highs.

Target on the upside is 95.20 with some resistance expected in the 95 area.

Minor support is expected at 94.65, 94.35 and 94.20-94.15 on corrections.

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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.


__________________
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Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Aug 25, 2009


Euro Dollar

Support is currently at a 1.4280 and a break below is expected to target 1.4200. The target, and support, beyond is at 1.4170.

Short-term trend line resistance is at 1.4320. A break above indicates a move to 1.4400 with interim resistance at 1.4340-1.4350 and 1.4375.

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USD/JPY - Early Sell Off


The pair is falling in early trading. The general trend is still down.

Support is likely to come from former trend lines, one providing support in the 93.70 region and the other at 93.30 (these will move lower slightly over the course of the day). 93.40 is also support.

94.25 is minor resistance on the upside, followed by 94.40, 94.60, 94.80 and 95.00. Another trend line comes into play between 94.80 and 94.60 as well providing resistance.

---

Forex trading analysis by Forexpros - Written by Cory Mitchell

---

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.

__________________
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Check out our new and improved Technical Studies Section.

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Forexpros Daily Analysis Aug 26, 2009

EUR/USD - Range Bound

The pair continues to trade within a range starting a few days ago.

Support is established at 1.4280 and 1.4250 (and just below). Breaks below these levels indicate further selling. Target for a break below 1.4250 is 1.4130 with support likely at 1.4200 and 1.4170 on the way. Daily average range has dropped to about 100 pips, so that target may take a couple days to hit if such circumstances develop.

Minor resistance is at 1.4320 with a break above to target range highs in the 1.4360-1.4370 region. 1.4340 also offers some resistance. Resistance beyond the range high is at 1.4400 and every 20 pip until 1.4450-1.4460.
---

USD/JPY

It was a mixed day yesterday with several whipsaw moves. This movement could quite possibily continue in this region as there is indecision on the direction, with aggresive moves up and down but not within a set range.

Support is at 93.80 with moves below gravitating towards 93.40 and beyond 93.10.

A rise above 94.25 is likely to test swing highs at 94.60 and beyond that, 95.00.

---

Forex trading analysis by Forexpros - Written by Cory Mitchell

---

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.
__________________
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Check out our new and improved Technical Studies Section.

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Forexpros Daily Analysis Aug 27, 2009


EUR/USD - Respects Support

In early trading the pair is respecting the 1.4200 level. This is a horizontal and hourly trendline support area. The trendline will rise throughout the day. The bias is up, with 1.4220 also coming in as support.

A break below these levels indicates a move to 1.4140. Support is expected in the 1.4180-1.4160 region.

A continued rise, first above 1.4260, is likely to test recent swing highs in the 1.4350-1.4360 area.

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USD/JPY - Short-Term Break

The range that developed over the las two days was broken in early trading today. The pair brroke below 93.75 and is moving towards support at 93.40. A move below indicates targets of 93.20 and 93.00.

A push back above 93.80 indicates the break was false and swing highs will likely be retested in the 94.40-94.60 region. 94.20 also provides resistance.

---

Forex trading analysis by Forexpros - Written by Cory Mitchell

---

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.

__________________
Forexpros - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Aug 31, 2009


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.
Join leading fund manager and trading coach Andrei Pehar for this next exciting installment of the Sharpening Your Edge series.

Click here to join the webinar.

---

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

---

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.
__________________
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Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 1, 2009



Euro Dollar

Current movement is maintained within the larger range. A rise above 1.4370 will target 1.4400. A move above could reach 1.4540, but resistance is likely 1.4440-1.4450.

Support is above 1.4300 with a break below likely to test 1.4260. Further support is 1.4220-1.4200.

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USD/JPY

Resistance is 93.20-93.30. A break above indicates a move to 93.70. A false breakout will likely result in further USD weakness. Weakness is indicated by a drop below 92.80 and would be confirmed by a drop below 92.50.

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Forex trading analysis by Forexpros - Written by Cory Mitchell

---

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.
__________________
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Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 2, 2009


Euro Dollar

The Euro dropped from 1.4376 until it reached and tested Fibonacci 61.8% support for the whole move from 1.4045 to 1.4405. The above mentioned Fibonacci support at 1.4183 will be the most important for the short-term, after it survived yesterday's test (yesterday's low 1.4176) , because a break of this specific support will open the door to a trial to find a new bottom below Aug 17th low 1.4045 within this week. Any attempt to go up will have to break through 1.4252 (short-term 38.2% Fibonacci Resistance), and if this attempt is corrective, it should not go higher than 1.4300, as we can surely say that this is the most important resistance for the moment.

Support:
• 1.4183: Fibonacci support 61.8%, the most important support for short-term.
• 1.4135: The rising trendline from July's low.
• 1.4081-1.4085: a support area that contains Aug 12th & 19th lows.

Resistance:
• 1.4252: Fibonacci 38.2% for the short-term.
• 1.4300: Fibonacci 61.8% for the short-term, the most important resistance for now.
• 1.4360: the falling trendline from Augusts' high.

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USD JPY

Again, we have seen the long awaited test of 92.70 (the rising trendline from the year's low 87.10 on the daily chart). But the drop stopped only pips below it (yesterday's low 92.50), so close to Monday's low (92.53). Having no real ability to perform a real break of that line makes it worth being careful, and avoid jumping on board for either the Dollar or the Yen. We do not recommend much enthusiasm for the Dollar before we break the trendline falling from Aug 9th high, which runs currently at 93.36. On the other hand, the bounce from yesterday's low is so fragile and we could see it get broken in the 3rd attempt today.

Support:
• 92.50-92.53: The support area which contains the previous 2 days lows, a break here would open the way to get away from the broken line.
• 91.73-91.76: Strong, important support area that combines July 8th, 10th & 13th lows.
• 91.20: the bottom of the falling channel from Aug 7th high.

Resistance:
• 93.36: The trendline falling from Aug 9th, the most important resistance for short-term.
• 94.19: Aug 17th low.
• 94.89: Intraday high, and previous support.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.

__________________
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Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 3, 2009



Euro Dollar

The Euro survived the test of short-term Fibonacci support, and as we have expected, started a correction move up, without breaking 1.4300, and stopped just 8 pips below what we have called "the most important resistance" in yesterday's report. The above mentioned support at 1.4183 will still be the most important for short-term, because a break here will give way to an attempt to reach a lower bottom, below Aug 17th low 1.4045. On the other hand, EURSUD could continue correcting the last drop, and if this move up is corrective as we suspect, it should not break 1.4300, as we can say that this is the most important resistance for the time being. If broken, this move up cannot be classified as a short-term correction, and it will have the ability to fly above 1.44 before the end of the week.

Support:
• 1.4230: Fibonacci 61.8% for the micro-term.
• 1.4183: Fibonacci support 61.8%, the most important support for short-term.
• 1.4135: The rising trendline from July's low.

Resistance:
• 1.4300: Fibonacci 61.8% for the short-term, the most important resistance for now.
• 1.4352: the falling trendline from Augusts' high.
• 1.4412: the most important resistance in the wide and crowded resistance area 1.4362-1.4446.

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USD/JPY

As we have expected in yesterday's report, USDJPY broke the 92.50/92.53 support on 3rd attempt, but the drop to follow was undersized, and could not test the important support area 91.73-91.76. Although this move was smaller than expected, all other things indicate that we are running in a flawless downtrend that is facing no problem. The bottom of the current channel is below 91 now, and the top is at resistance 93.04. It is mandatory to stay inside this channel and below the most important resistance at the moment 93.04. The downtrend will gain more confidence once we break the nearby support 92.06.

Support:
• 92.06: short-term support.
• 91.73-91.76: Strong, important support area that combines July 8th, 10th & 13th lows.
• 90.72: the bottom of the falling channel from Aug 7th high.

Resistance:
• 93.04: The trendline falling from Aug 9th, the most important resistance for short-term.
• 93.66: Aug 19th low.
• 94.19: Aug 17th low.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.

Forexpros - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 7, 2009



Euro Dollar

The Euro is trying at this very moment to break the falling trendline from Aug 27th high, which is a trendline that frustrated the Euro on several occasions recently. If it succeeds, there will be a big probability to surpass 1.4405 and head towards areas above 1.45 for the first time this year, where targets such as 1.4510 and 1.4572 are waiting. To consider that this line is broken, we need to see a break of 1.4338. If this line survives another test and managed to stop the Euro once more, we will head to 1.4295 and a break here then we will see a correction of Friday's rise, targeting 1.4245 ideally. If this is the case then this support will be very important to decide short-term's direction. But even if such a drop happens, it will not distort the technical image before breaking 1.4245, since approaching this support and not breaking it would be a positive sign for the Euro, giving it the ambition of flying above 1.45.

Support:
• 1.4295: Intraday low after Friday's jobs report.
• 1.4245: Fibonacci support 61.8%, the most important support for short-term.
• 1.4183: September's 1st low.

Resistance:
• 1.4328: the falling trendline from Aug 28th high, most important resistance for now.
• 1.4412: Aug 7th high.
• 1.4446: the upper limit of the wide and crowded resistance area 1.4362-1.4446.
---

USD/JPY

Dollar-yen broke the descending trend channel after the US monthly employment report on Friday. It held above the channel for the last few hours before the end of the week, and managed t close above the channel. USDJPY crossed the moving average SMA100 even before the news came out, which indicates that the correction for the leg down from 97.77 has already begun, and that short-term downtrend has ended. But, first we have to break through 93.42. Ideally, this correction would target 94.85 or 95.54, and in this case the latter would be a decisive resistance that will determine the trend for the short-term. If we fail to do so, we will head to a test of short-term support 92.73, a break here could target 92.43 only, where there is Fibonacci 61.8% & the retest level of the broken line, or we could see the long awaited visit of the strong support 91.73-91.78.

Support:
• 92.73: short-term Fibonacci 38.2% support, plus the moving average SMA100.
• 92.43: short-term Fibonacci 61.8% support, plus the retest level of the broken trendline.
• 91.73-91.76: Strong, important support area that combines July 8th, 10th & 13th lows.

Resistance:
• 93.42: The trendline falling from Aug 9th, the most important resistance for short-term.
• 94.16: Fibonacci 38.2% for the whole move down from 97.77.
• 94.85: Fibonacci 50% for the whole move down from 97.77.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.
__________________
Forexpros - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 8, 2009



Euro Dollar

The Euro has broken the falling trend line from Aug 27th high, and stayed above it the whole time. That is why, there is still a big probability to surpass 1.4405 and head towards areas above 1.45 for the first time this year, where targets such as 1.4510 and 1.4572 are waiting. We need to see a break of the close resistance 1.4346 to increase confidence. If the opposite happens and we break the 1.4302 support, then we will see a correction of Friday's rise, targeting 1.4245 ideally. If this is the case then this support will be very important to decide short-term's direction. But even if such a drop happens, it will not distort the technical image before breaking 1.4245, since approaching this support and not breaking it would be a positive sign for the Euro, giving it the ambition of flying above 1.45.

Support:
• 1.4302: short-term support.
• 1.4245: Fibonacci support 61.8%, the most important support for short-term.
• 1.4183: September's 1st low.

Resistance:
• 1.4346: the high during the American & Asian sessions.
• 1.4412: Aug 7th high.
• 1.4446: the upper limit of the wide and crowded resistance area 1.4362-1.4446.

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USD/JPY

The ascending trend line drawn from last week's low 91.93, units with the horizontal support line at 92.74, and also with the moving average SMA100, and finally with Fibonacci 38.2% support for the short-term to form the most important support for today. Stabilization above this level is essential to keep the view that the correction for the leg down from 97.77 has already begun, and that short-term downtrend has ended. But, first we have to break through 93.04. Ideally, this correction would target 94.85 or 95.54, and in this case the latter would be a decisive resistance that will determine the trend for the short-term. If we fail to do so, we will head to a test of short-term support 92.74, a break here could target 92.43 only, where there is Fibonacci 61.8%, or we could see the long awaited visit of the strong support 91.73-91.78.

Support:
• 92.74: important support area combining short-term Fibonacci 38.2% support, with a horizontal support line, plus the ascending trend line from last week's low, and the moving average SMA100.
• 92.43: short-term Fibonacci 61.8% support.
• 91.73-91.76: Strong, important support area that combines July 8th, 10th & 13th lows.

Resistance:
• 93.04: closing price of the latest intraday top.
• 93.42: AUG 21st low, and SEP 1st high.
• 94.16: Fibonacci 38.2% for the whole move down from 97.77.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.
__________________
Forexpros - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 10, 2009


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.
Join leading fund manager and trading coach Andrei Pehar for this next exciting installment of the Sharpening Your Edge series.

Click here to join the webinar.

---

Euro Dollar

The rise that we expect to be in a 5-wave mode, is still developing nicely, reaching 1.46 for the first time this year. We still believe it has enough strength to reach the top of the channel, which is slowly approaching 1.47. The resistance which stopped yesterday's rise is actually 1.4592 (yesterday's high was 1.4600), and we will adopt it as resistance of the day. A break here would indicate strength that has the ability to lead the Euro to the top of the channel, which is currently at 1.4665. And if this resistance is broken there will be nothing separating the price from December's unforgettable top: 1.4720. As for short-term support it is 1.4548, if broken, the door will be open to a correction of this strong and sharp rise, which is expected to lead to testing yesterday's low 1.4465 and after that 1.4395: Fibonacci 50% for the whole move up from 1.4190 last week to 1.4600 yesterday.

Support:
• 1.4548: short-term support.
• 1.4465: yesterday's low.
• 1.4395: Fibonacci support 50% for short-term.

Resistance:
• 1.4592: short-term resistance.
• 1.4665: the top of the current channel on the hourly chart.
• 1.4720: the unforgettable top of December 2008.

---

USD/JPY

Finally, we have tested the most important support level in the current price area: 91.73-91.76, which is the small support area that holds within the lows of July 8th, 10th, and 13th. Price hardly held above it after reaching 91.60. And we think that breaking it would have enough influence to "finally" accelerate the downtrend, and would be followed by a move down to 90.90 or even 89.69. As for attempts to go higher, they would not mean anything without a break of Fibonacci 61.8% resistance at 92.20, which stopped the rise twice, during the American & Asian sessions. If this resistance is broken, we think the USDJPY will target areas above 93 such as 93.42, and if this one is also broken, the next stop would probably be 94.16.

Support:
• 91.73-91.76: Strong, important support area that combines July 8th, 10th & 13th lows.
• 90.90: Oct 24th 2008 important bottom.
• 90.40: Feb 13th low.

Resistance:
• 92.20: short-term Fibonacci 61.8%, the resistance that stopped the rise twice during the American & Asian resistance.
• 92.74: the previous important support that was broken this week.
• 93.42: AUG 21st low, and SEP 1st high.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.
__________________
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Check out our new and improved Technical Studies Section.

[forexpros1]

Euro Dollar

As we have expected, the rise stopped between 1.4620 & 1.4667, and from there we have seen a correction that reached 1.4515 until this very moment. We still believe that this correction is targeting 1.4459 at the very least, and that it could go all the way to 1.4357. But, before we feel over-excited for this correction we should see a break of short-term support 1.4501, and after that we can talk about the ideal targets such as 1.4459, 1.4408, or 1.4357. On the other hand, the resistance that should not be broken to keep the big probability of this correction is Fibonacci 61.8% for the short-term 1.4589, staying below it will favor this correction, while breaking it will mean another attempt to reach the top of the rising channel which is at 1.4671 for today.

Support:
• 1.4501: Thursday's low.
• 1.4459: Fibonacci 38.2% retracement level for the whole move up from 1.4190.
• 1.4408: Fibonacci 50% retracement level for the whole move up from 1.4190. And if this level is broken 1.4357 would become the most important support for determining short-term trend, and may be medium-term as well.

Resistance:
• 1.4589: Fibonacci 61.8% for short-term.
• 1.4671: the top of the current channel on the hourly chart.
• 1.4720: the unforgettable top of December 2008.

---

USD/JPY

The downtrend is still advancing as expected: smoothly, and reaching new lows, and slowly moving towards the 90 level. And after the plunge from 92.38 last week to 90.19 this morning, the possibility of a correction ahead of 90 is growing. Such a correction could go up to 91.74 (Fibonacci 50% retracement, SMA 100 on the hourly chart & the previous important support 91.73-91.76). Or, it could even go to 92.10 (Fibonacci 61.8% retracement, and the descending trendline from last month's peak. But in order for the downtrend to continue without major difficulties, we should not go higher than that. On the other hand we still believe that we are heading towards areas below 90, the first of which is 89.68/78.

Support:
• 90.29: short-term support.
• 89.68/78: important support area containing the lows of Feb 11th, 12th & Dec 29th 08.
• 89.20: Feb 5th low.

Resistance:
• 90.67: intraday top & bottom from Friday.
• 91.22: intraday top.
• 91.74: Fibonacci 50% for the last move from 93.28, and the moving average SMA100.

---

Forex trading analysis by Forexpros - Written by Munther Marji

---

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.
__________________
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Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 15, 2009



Euro Dollar

The Euro held above the suggested support 1.4501 and rallied to a new top for this trend at 1.4650, which is still inside the suggested area for a top. The top of the channel is currently at 1.4682 and this will be a curtail resistance, that could stop the current rise and force a correction of good size. We favor the formation of a top in these areas as long as the Euro does not break the top of the channel decisively. After that we expect a move down to areas below 1.45. The only thing that could save the Euro from a sizable drop is a clear break above the top of the current channel. The previous 1.4570 resistance will act as the most important support for short-term, and breaking it means the correction is back on track, and is heading to 1.4459 at least, in the next few days.

Support:
• 1.4570: short-term support.
• 1.4501: Thursday's low.
• 1.4459: Fibonacci 38.2% retracement level for the whole move up from 1.4190.

Resistance:
• 1.4682: the top of the current channel on the hourly chart.
• 1.4720: the unforgettable top of December 2008.
• 1.4774: previous well known resistance/support.

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USD/JPY

As this report expected yesterday, the dollar-Yen moved up slightly in a small correction. Our view is still as it was in yesterday's report when we said: "after the plunge from 92.38 last week to 90.19 this morning, the possibility of a correction ahead of 90 is growing. Such a correction could go up to 91.74 (Fibonacci 50% retracement, SMA100 on the hourly chart & the previous important support 91.73-91.76). Or, it could even go to 92.10 (Fibonacci 61.8% retracement, and the descending trendline from last month's peak)." The only changes to this view are that the descending trendline is now below Fibonacci 61.8%, and that the SMA100 is almost exactly at Fibonacci 38.2%. In order for the downtrend to continue without major difficulties, we should not go higher than these levels. We still believe that we are heading towards areas below 90 after this correction is over, such as the important support area 89.68/78. On the other hand, the rising trendline for this correction is currently at 90.90, which makes it the most important support of the day.

Support:
• 90.90: the rising trendline on the intraday charts.
• 90.29: short-term support.
• 89.68/78: important support area containing the lows of Feb 11th, 12th & Dec 29th 08.

Resistance:
• 91.22: intraday top.
• 91.74: Fibonacci 50% for the last move falling from 93.28.
• 92.10: Fibonacci 61.8% for the same move.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.
__________________
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Check out our new and improved Technical Studies Section.

[PinkLady]

can i noe how did u get all this info? are you a forex player yourself, doing full time?

[forexpros1]

Forexpros Daily Analysis Sep 16, 2009


Euro Dollar
http://www.forexpros.com/currencies/eur-usd

Reaching the top of the channel at 1.4684, but not breaking it, the Euro is still inside the suggested area for a top. The top of the channel is slowly approaching 1.47, more accurately it is currently at 1.4691. And between here and 1.4720 we have a good resistance that can curb this slow rise. If this happens, we will break 1.4654 and head towards the short-term 61.8% Fibonacci support at 1.4607, which the euro needs to hold above to survive the expected correction. If it does not hold above here, the correction would be already underway, targeting 1.4459 at least, in the next few days. On the other hand, if the euro surprises and breaks the whole 1.4691-1.4720 area, then there would be no reason to believe a correction is going to start from these areas. In this case, we are heading to many resistance levels above 1.48 the first of which is 1.4824.

Support:
• 1.4654: Asian session low.
• 1.4607: short-term 61.8% Fibonacci support.
• 1.4534: Sep 8th high.

Resistance:
• 1.4691-1.4720: the resistance area between the top of the current channel on the hourly chart, and the unforgettable top of December 2008.
• 1.4774: previous well known resistance/support.
• 1.4824: previous daily high.

---

USD/JPY

We came close to the ideal target for this correction: 91.74 (Fibonacci 50% retracement, SMA100 on the hourly chart & the previous important support 91.73-91.76), and reached 91.63 yesterday. And now, the falling trend channel is exactly at this level, which makes it the most important resistance for today, more important than 92.10. Although the ideal target for the current correction will still be 91.74, there is a possibility to target 92.10, but when we compare these two targets, we find that the most important is 91.74 since it combines a Fibonacci resistance, and a previous support, and even more important the top of the falling channel. As for the support, short-term Fibonacci support at 90.77 has proven its importance when the price bounced from there twice, once before reaching yesterday's high, and once after. We believe that breaking 91.74 or 90.77 is what will decide the direction of the next hours, and may be the next few days. Breaking the resistance 91.74 will take the price up at least to 92.10, and may be to test the top 93.28. Breaking the support 90.77 would mean that the correction is over, and the down trend is back on track targeting 89.78-89.68.

Support:
• 90.77: Fibonacci 61.8% support for short-term, which survived twice until now.
• 90.29: short-term support.
• 89.68/78: important support area containing the lows of Feb 11th, 12th & Dec 29th 08.

Resistance:
• 91.74: Fibonacci 50% for the last move falling from 93.28, the most important resistance for today.
• 92.10: Fibonacci 61.8% for the same move.
• 92.70-92.80: previous support area which contains a number of daily lows in the past few months.

---

Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.
__________________
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Check out our new and improved Technical Studies Section.

forexpros1 added 1388 Minutes and 37 Seconds later...

Forexpros Daily Analysis Sep 17, 2009


Euro Dollar


The euro broke above the rising trend channel for the first time, reaching a new high for this year at 1.4746, and leaving any expectation for a correction to start in these areas, in very bad shape. A break to the upside in a rising channel is usually a signal that shows how powerful the uptrend is, which makes it only logical to expect more gains for the European single currency. But it is required to stay above 1.4702 to be able to achieve these gains. If the Euro holds above the broken channel, it would be expected to advance to areas above 1.48, specially 14824 and 1.4880. It is very important to hold above this channel which is at 1.4702 now. If we fall back below this level we could see a good move trying to get far from the top of the channel and targeting 1.4641 and below. It is very important to keep an eye on 1.4702 today!

Support:
• 1.4702: the top of the broken channel.
• 1.4641: yesterday's low.
• 1.4560: Sep 15th high.

Resistance:
• 1.4766: previous daily high
• 1.4824: previous daily high.
• 1.4880: previous daily low.

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USD/JPY

Dollar-Yen broke the 90.77 support and reached a new bottom only pips below the previous one, before it managed to bounce up. What happened yesterday had two effects. First: the area containing the previous bottom 90.19 & yesterday's bottom 90.11 has provided itself as a good support area. Second: the calculation of Fibonacci resistance has slightly changed, and the new Fibonacci retracement levels are 91.32, 91.70 and 92.07. the return above 91 after reaching yesterday's low shows that the dollar has not given up yet, and that it could try again to reach one of the Fibonacci levels mentioned above. The top of the channel is currently at 91.49 (between Fibonacci 38.2% and 61.8% levels). Short-term important support is Fibonacci 61.8% for the rise from yesterday's low, which is at 90.58 and breaking it would probably mean we are going to beak 90.11 and reach a new low below 90 before the weekend.

Support:
• 90.58: Fibonacci 61.8% support for short-term.
• 90.11: short-term support.
• 89.68/78: important support area containing the lows of Feb 11th, 12th & Dec 29th 08.

Resistance:
• 91.70: Fibonacci 50% for the last move falling from 93.28, the most important resistance for today.
• 92.07: Fibonacci 61.8% for the same move.
• 92.70-92.80: previous support area which contains a number of daily lows in the past few months.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.
__________________
Forexpros - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.

[forexpros1]

Forexpros Daily Analysis Sep 22, 2009


Euro Dollar

The Euro held around the secondary Fibonacci support of 23.6%, which is in the 1.4620 area, and went back up to above 1.47. The "limited" move of yesterday had "limited" effect. We have re-drawn the channel, to make it comprehensive, and to include all the price behavior since the beginning of the month. The bottom of this new channel is exactly at Fibonacci 38.2% support 1.4541, which makes this support a candidate to be the decisive area separating positive from negative territory. As for the short-term , the support is 1.4705, and a break here would initiate a correction for the rise from yesterday's low, ideally targeting 1.4656, the support that if broken would open the road to test the most important support for now 1.4541. Short-term resistance is 1.4756 and breaking it is the key to reach 1.48 for the first time this year, where some targets await us, especially 1.4824 and 1.4901.

Support:
• 1.4656: short-term support.
• 1.4541: Fibonacci 38.2% for the medium-term, and the bottom of the rising channel from the beginning of the month. The most important support for now, breaking it would mean the end of the uptrend for the medium-term.
• 1.4471: Fibonacci 50% for medium-term.

Resistance:
• 1.4756: short-term resistance.
• 1.4824: previous daily high.
• 1.4901: previous daily high.

---

USD/JPY

We have reached 92.50 for the first time in two weeks, after breaking all Fibonacci resistance levels for the last move down. But even that the Dollar-Yen broke them all, it could not hold above 92, returning fast to test the previous resistance 91.60-91.63 which became a support. In the same area, we find the rising trendline from last week's low 90.11, which ads more importance to an already important area. Until this very moment, the support area has held (today's low until now is 91.62). That is why we will keep this area on the lookout. Holding above here will give another chance to reach the resistance area 92.70-92.80, and may be later test the previous top 93.28. Breaking it would be a surprise after yesterday's advance. And if this surprise happens, we would go back to the negative status of this pair, which would gradually lead to test (and may be break) the psychological level 90, and to targets below it, first of which is the support area 89.68-89.78.

Support:
• 91.60: previous resistance area, and the rising trendline from last week's low.
• 90.97: intraday support from last week.
• 91.11: Sep 16th low.

Resistance:
• 92.17: Fibonacci 61.8% for the short-term.
• 92.70-92.80: previous support area which contains a number of daily lows in the past few months.
• 93.28: Sep 7th high.

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Forex trading analysis by Forexpros - Written by Munther T. Marji

---

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.
__________________
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Check out our new and improved Technical Studies Section.