Forexpros.com Daily Analysis - 06/07/2009
Free, Live Forex Webinar This Week!
Live Trading of FX Markets
Hosted by: Markus Heitkoetter of Rockwell Trading
Date: Thurs, Jul 9, 2009, 16:00 GMT
In this webinar, Markus Heitkoetter will demonstrate a simple yet powerful trading strategy for FX markets. This strategy uses two simple indicators that are available in almost any charting software. Markus doesn't believe in "magic" indicators. He will show you exactly how to set up your charting software that YOU can use this strategy in your own trading. During this presentation Markus will analyze live charts and will take a live trading position if the set up arrives during the event.
Click HERE to register and watch for free!
---
EUR/USD Heading Higher?
Bias for today is higher, but a narrowing range after the steep decline near the end of last week could mean a break in either direction.
A push above 1.3990 would be the first indication of a rise, with 1.4020 acting as resistance but 1.4080 a reasonable target beyond. Resistance is also likely in the 1.4050 area.
A drop below 1.3950 would indicate some weakness and overall indicates a move to 1.3840, but there is strong support at certain levels so a move to that level is not highly likely.
Support levels are 1.3940-1.3930, 1.3900-1.3890 and 1.3880-1.3870
USD/JPY Drop and Rise
The pair is falling in early trading this week, but is likely to encounter support by 95.30. If that fails, 95.00 is the support level beyond.
Once getting into this support area, a bounce is likely. A continued fall would be quite bearish.
Upside resistance from where the pair currently trades is 95.70, 95.90, 96.10 and 96.30.
Analysis by: http://www.forexpros.com - Written by Cory Mitchell
Disclaimers:
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.
