ForexPros Daily Analysis April 8, 2010
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.
This webinar is brought to you by FX V-room and Forexpros.
Click here to join free.
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Euro Dollar
The Euro broke the support 1.3355, but managed somehow to hold above 1.33. The fact that the Euro has traded above 1.33 after this break is a result of approaching a new channel’s bottom. This channel which we present to you today on the attached chart, helped the Euro survive above 1.33, but will it succeeds in doing in doing so today? We see the most important support for short term is the nearby 1.3319, and breaking it would give the Dollar a push, driving this pair to new lows for this wave. We see that breaking this support will result in breaking 1.33 and then creating a strong move targeting 1.3212 and then 1.3113, as we approach the important 1.30 level. As for the resistance it is at 1.3356, and breaking it would indicate we are targeting the top of the channel at 1.3420. And if this resistance is broken, the technical picture will improve, dramatically, and we will see the Euro bringing out a few surprises, which will lead to the test of the very important falling trend line for the long term, which is at 1.3517.
Support:
• 1.3319: important intraday support.
• 1.3212: May 4th low.
• 1.3113: Mar 30th 2009 low.
Resistance:
• 1.3356: the top of the falling channel on hourly chart.
• 1.3420: the top of the falling channel from Friday's low on hourly chart.
• 1.3517: the falling trend line for the long term on the daily chart.
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USD/JPY
The Dollar-Yen broke the support in yesterday’s report 93.75, and stopped with stunning accuracy at the first suggested target 93.12 (the Asian session low, and the daily low until the moment of preparing this report is 93.12). This proves the importance of this level which we described yesterday as very important. Thus, we will keep our attention focused on this level, since a break here would indicate that the fall from 94.77 is more than just a correction. If 93.12 is broken, we expect this pair to get hammered to 92.10 first, and then the important 91.55, which represents the last line of defense for the rise from 88.12. With this drop, we now have a clear falling channel from 94.77, with its top at 93.82. If this resistance is broken, the USD will be able to capitalize on the accurate stop at 93.12 t achieve gain, targeting the weekly high 94.77 first, and then 95.84.
Support:
• 93.12: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term.
• 92.10: Mar 30th low.
• 91.55: the rising trend line from 88.12 on the hourly chart.
Resistance:
• 93.82: the top of the falling channel from 94.77.
• 94.77: this week’s high so far.
• 95.84: Jul 31st high.
Forex Trading Analysis written by Munther Marji for ForexPros.
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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.
Free webinar on ForexPros - "Simplify Your Trading with an Easy Strategy"
Expert: Kellie Durazo, FX V-room
When: Wed, Apr 14, 2010, 10:00 EST
During this webinar, you will learn how to simplify your trading by using a "tried and true" strategy. This is what Kellie Durazo likes to call the "universal" strategy, as anyone can learn it, from the beginner to the advanced. You can use it on any currency pair you like to trade. Don't have time to spend hours upon hours analyzing charts looking for set ups? Then this strategy is for you and anyone who loves to trade the FX market.
This webinar is brought to you by FX V-room and Forexpros.
Click here to join free.
---
Euro Dollar
The Euro broke the support 1.3355, but managed somehow to hold above 1.33. The fact that the Euro has traded above 1.33 after this break is a result of approaching a new channel’s bottom. This channel which we present to you today on the attached chart, helped the Euro survive above 1.33, but will it succeeds in doing in doing so today? We see the most important support for short term is the nearby 1.3319, and breaking it would give the Dollar a push, driving this pair to new lows for this wave. We see that breaking this support will result in breaking 1.33 and then creating a strong move targeting 1.3212 and then 1.3113, as we approach the important 1.30 level. As for the resistance it is at 1.3356, and breaking it would indicate we are targeting the top of the channel at 1.3420. And if this resistance is broken, the technical picture will improve, dramatically, and we will see the Euro bringing out a few surprises, which will lead to the test of the very important falling trend line for the long term, which is at 1.3517.
Support:
• 1.3319: important intraday support.
• 1.3212: May 4th low.
• 1.3113: Mar 30th 2009 low.
Resistance:
• 1.3356: the top of the falling channel on hourly chart.
• 1.3420: the top of the falling channel from Friday's low on hourly chart.
• 1.3517: the falling trend line for the long term on the daily chart.
---
USD/JPY
The Dollar-Yen broke the support in yesterday’s report 93.75, and stopped with stunning accuracy at the first suggested target 93.12 (the Asian session low, and the daily low until the moment of preparing this report is 93.12). This proves the importance of this level which we described yesterday as very important. Thus, we will keep our attention focused on this level, since a break here would indicate that the fall from 94.77 is more than just a correction. If 93.12 is broken, we expect this pair to get hammered to 92.10 first, and then the important 91.55, which represents the last line of defense for the rise from 88.12. With this drop, we now have a clear falling channel from 94.77, with its top at 93.82. If this resistance is broken, the USD will be able to capitalize on the accurate stop at 93.12 t achieve gain, targeting the weekly high 94.77 first, and then 95.84.
Support:
• 93.12: Fibonacci 61.8% for the rise from 92.10, a very important support for the short term.
• 92.10: Mar 30th low.
• 91.55: the rising trend line from 88.12 on the hourly chart.
Resistance:
• 93.82: the top of the falling channel from 94.77.
• 94.77: this week’s high so far.
• 95.84: Jul 31st high.
Forex Trading Analysis written by Munther Marji for ForexPros.
---
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.