Thread: Forexpros.com Daily Analysis - 04/06/2009

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EUR/USD

With news out of the US and the EURO zone today a larger than average range is expected (150 + pips).

1.4100 has become a major short term support zone. A drop below this would signify a deeper correction. A breach of the level would signify a move to 1.4050 and beyond 1.4000. and 1.3950

A small resistance has formed during early trading at 1.4190. A sustained move above this would target 1.4270 and beyond 1.4320 and 1.4350.


USD/JPY

With the price swings narrowing over the past two days a short term breakout could occur. A move above 96.30, confirmed by a break of 96.40, would signal profit targets of 97.00 and 97.50.

A break below 95.70-95.60 would target 94.90 and beyond 94.50.

News out of the US today at 12:30 GMT.


Analysis by: http://www.Forexpros.com - Written by Cory Mitchell


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Thanks for this analysis!