Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
Stock Market Seasonal Trend Analysis - 23rd Oct 19
Gold Prices Stand to Rally on Brexit Delay - 23rd Oct 19
US Stock Markets “Roll Over” On Earnings and Economic Data At Channel Highs - 23rd Oct 19
Yes, Gold “Just Sits There” and That’s Quite a Feat - 23rd Oct 19
Downsizing – What to Watch Out For - 23rd Oct 19
Gold Price Has Not Corrected Enough - 23rd Oct 19
U-Turn or Perfect Storm? Globalization at Crossroads - 22nd Oct 19
Stock Market Indexes Struggle and TRAN suggests a possible top - 22nd Oct 19
Fake Numbers Fueling the Wage War on Wealth - 22nd Oct 19
A Look at Peak Debt - 22nd Oct 19
The Coming Great Global Debt Reset - 22nd Oct 19
GamStop Became Mandatory - 22nd Oct 19
Learn to Spot Reliable Trading Setups: ANY Market, Any Market Time Frame - 21st Oct 19
How To Secure A Debt Consolidation Loan Even If You Have A Bad Credit Rating - 21st Oct 19
Kids Teepee Tent Fun from Amazon by Lavievert Review - 15% Discount! - 21st Oct 19
Stock Market Stalls: Caution Ahead - 21st Oct 19
Stock Market Crash Setup? - 21st Oct 19
More Stock Market Congestion (Distribution) - 21st Oct 19
Revisiting “Black Monday Stock Market Crash October 19 1987 - 21st Oct 19
Land Rover Discovery Sports Out of Warranty Top Money Saving Tips - 21st Oct 19
Investing lessons from the 1987 Stock Market Crash From Who Beat it - 20th Oct 19
Trade Wars: Facts And Fallacies - 20th Oct 19
The Gold Stocks Correction and What Lays Ahead - 19th Oct 19
Gold during Global Monetary Ease - 19th Oct 19
US Treasury Bonds Pause Near Resistance Before The Next Rally - 18th Oct 19
The Biggest Housing Boom in US History Has Just Begun - 18th Oct 19
British Pound Brexit Chaos GBP Trend Forecast - 18th Oct 19
Stocks Don’t Care About Trump Impeachment - 17th Oct 19
Currencies Show A Shift to Safety And Maturity – What Does It Mean? - 17th Oct 19
Stock Market Future Projected Cycles - 17th Oct 19
Weekly SPX & Gold Price Cycle Report - 17th Oct 19
What Makes United Markets Capital Different From Other Online Brokers? - 17th Oct 19
Stock Market Dow Long-term Trend Analysis - 16th Oct 19
This Is Not a Money Printing Press - 16th Oct 19
Online Casino Operator LeoVegas is Optimistic about the Future - 16th Oct 19
Stock Market Dow Elliott Wave Analysis Forecast - Video - 16th Oct 19
$100 Silver Has Come And Gone - 16th Oct 19
Stock Market Roll Over Risk to New highs in S&P 500 - 16th Oct 19
10 Best Trading Schools and Courses for Students - 16th Oct 19
Dow Stock Market Short-term Trend Analysis - 15th Oct 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Euro Reaches New High Against U.S. Dollar for 2009

Currencies / Futures Trading Sep 23, 2009 - 04:18 AM GMT

By: ForexPros

Currencies As expected, the Euro reached 1.48 for the first time this year, and also reached the first target suggested in yesterday's report, which leaves the second target 1.4901 ahead of us, could we see it today? The current advance is still climbing (slowly we might add) without showing exhaustion, and the top of the current channel is at 1.49, these thing support the probability of going up. On the other hand, a divergence case on the RSI is developing as we speak, supporting the opposite scenario.


These mixed signals could go in harmony if we manage to go up to 1.4901 first then go down to solve the divergence. The most important resistance for short-term is 1.4824, and breaking it is the key to hit 1.4901. the most important support for the short-term is 1.4783, and breaking it would threaten the Euro with a drop to the important 1.4698. Only if we break this support we can start talking about the big correction for the whole move up from 1.4176, because such a discussion before that break would be completely premature.

Support:
• 1.4783: short-term support.
• 1.4698: Fibonacci 61.8% for short-term (for the rise from 1.4610).
• 1.4646: Friday's low, and the support area that showed strength recently.

Resistance:

• 1.4824: previous daily high.
• 1.4901: previous daily high.
• 1.4962: previous daily high.

USD/JPY


The Dollar-Yen broke the support area 91.60-91.63 to go back into the negative territory again, and to drop more than 110 pips after the break. With that, we came to the end of the rising adventure that stopped at 92.50, and the downtrend came back to dominate. But, stopping near the support 90.51and holding above it, means that there is an existing possibility for another rise, without breaking 90.51. If price manages to hold above this support, there would be a good chance to test a number of important resistance levels most important of which is 91.74.

We prefer waiting for a break of 91.74 or 90.51, since we believe that breaking any of those levels will decide the direction of the next move. If we break 91.74, we would be on the road again to 92.50. And if we break 90.51 the downside pressure will come back to drive the price gradually to test (and may be break) the psychological level 90, and to move towards targets below it, first of which is the important support area 89.68-89.78.

Support:
• 90.51: the previous support that stopped the current drop.
• 90.11: Sep 16th low.
• 89.68/78: important support area containing the lows of Feb 11th, 12th & Dec 29th 08.

Resistance:
• 91.25: Fibonacci 38.2% for the short-term.
• 91.74: 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.

Analysis by: http://www.Forexpros.com - Written by Munther T. Marji

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading
tools which provides brokers, traders and everyone involved in the financial market with an all-round guide to Forex.

Copyright © 2009 by ForexPros.com All rights reserved.

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 Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules