Forexpros.com Daily Analysis - July 22, 2009

Free, Live Forex Webinar Today!

Live-Market Analysis and Trading Decisions
Hosted by: Dr.Sankaran Sivaraman
Date: Thu, Jul 23, 2009, 16:00 GMT

Dr. Sankaran Sivaraman will be discussing market timings, how to read the players' intentions, live-trading decisions in major currency pairs, and basic trading strategy.

Click HERE to register and watch for free!

---

EUR/USD

The pair continues to range (so far) within in a 120 pip range over the last couple of days. A breakout will eventually occur, with the bias being higher overall.

Resistance is at 1.4260 with a break to test 1.4280. A push above 1.4300 would confirm a breakout with the target being 1.4400. Intermittent resistance is at 1.4350.

Support is at 1.4200, 1.4180 and 1.4155. A break below this level is less likely than a break higher, but it could still happen. Further support is at 1.4140 and 1.4100.

---

USD/JPY

The pair jumped in early trading, and is trying to test the 94.40 level. This is an important intra-day level.

A rise above 94.50 indicates a move to test a former swing high at 94.80. A rise beyond is not highly likely today, but 95.00 is the resistance beyond.

Support is at 93.80, 93.40 and 93.20.
Analysis by: Forexpros.com - 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.