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Euro and Yen Currency Trading for 19th November

Currencies / Forex Trading Nov 19, 2009 - 03:35 AM GMT

By: ForexPros

Currencies

The Bank of Japan is due to hold a press conference Tomorrow (NOV 20).

The Bank regularly uses press releases in order to communicate with investors. Topics at such conferences generally include economic outlook, inflation and changes in interest rates.


For more on USD/JPY, USD/NZD and other currency majors see Forexpros.

Euro Dollar

The Euro broke the resistance 1.4935, and came very close to our first suggested target at 1.4998, when it reached a top at 1.4990, before retreating back to 1.49 this morning. Short-term resistance is provided by the falling trendline from yesterday's high on the intraday charts, which is currently at 1.4931. If this resistance is overtaken, then the technical outlook will have the strength to reach 1.4998 first, and if this is broke we have the right to expect 1.5082 for the first time this year. As for the support, stopping near Fibonacci 50% for the rising move from 1.4806 to yesterday's top 1.4990 makes it an important support at 1.4898, but the most important support is at 1.4786, and if broken we will be heading towards November 13th bottom 1.4820 first, then the most important support at this stage 1.4786, where there is Fibonacci 61.8% for the rise from 1.4625 to 1.5047. Especially with the rising line from August 17th low getting close to this.

Support:
• 1.4876: Fibonacci 61.8% for the rise from 1.4806 to 1.4990.
• 1.4820: November 13th low.
• 1.4786: Fibonacci 61.8% for the rising move from 1.4625, the most important support for the medium-term.

Resistance:
• 1.4931: the falling trendline from yesterday's top on the intraday charts.
• 1.4998: intraday top from Monday.
• 1.5082: previous resistance from 2008.

USD/JPY

Dollar-Yen is still holding on above 89 , but on the other hand it was not able to surpass the previous top at 89.52. Now, the price is trying hard to hold above 89, where Fibonacci 61.8% for the short-term is at 89.01. If this level holds, we will see an upward correction, while breaking this level in specific indicates a continuation of the downside movement towards 88.13, which is the last important support before the last 15 years low 87.10. As for the resistance, the most important for short-term is November 11th low 89.23, breaking it would initiate a correction that would ideally target 89.87. This level is the most important resistance at the moment, and a candidate to initiate a new down move (of course that is in case we get there), only breaking this level would change our expectations to the upside, when we target 90.73.

Support:
• 89.01: short-term Fibonacci 61.8%
• 88.13: Oct 13th low.
• 87.10: Jan 12th low.

Resistance:
• 89.27: Nov 11th low.
• 89.87: Fibonacci 61.8% for short-term.
• 90.73: intraday top.

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

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