Forexpros Daily Analysis Dec 16, 2009
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The Euro broke the support 1.4621 and successfully reached both suggested targets 1.4566 & 1.4510. And then spent the time holding above 1.45, and that could lead to a correction of the last 5 waves down from 1.4683. If short-term resistance 1.4563 is broken, 1.4614 would be an ideal target for this correction, and at the same time the most important resistance. Reaching it could provide a good sell opportunity. But, if its broken, the price will gain enough strength to target 1.4667. As for the support, it is provided by the rising trend line from yesterday’s low on the intraday charts, which is currently at 1.4535. If broken, we will target the important 1.4445 (the next important stop), and then 1.4405.
• 1.4535: the rising trend line from yesterday’s low on intraday charts.
• 1.4445: Fibonacci 50% for the long-term (the rise from 1.3737 to 1.5143).
• 1.4505: Aug 27th high.
• 1.4563: intraday resistance.
• 1.4614: Fibonacci 61.8% for the short-term, and the most important resistance.
• 1.4667: previous well known support/resistance area.
Dollar-Yen broke the resistance 89.28, and jumped close to the 90 level & the suggested target (yesterday’s high 89.93). With this break, the Dollar has gained a technical advantage that should give it the strength to go on. But to keep this advantage, the price should hold above the broken trend line which is currently at 89.21. If it succeeds in doing this, the odds will favor more upside movement, that would break short-term resistance 89.72, and head to areas above yesterday’s high, where the same suggested targets from yesterday’s report (90.08 & 90.90) will await. But if the opposite to what is expected happened (if we break the support 89.21) the price will resume falling, targeting the rising trend line from 84.81 & the SMA100, and both of them at 88.83, and if this important support if broken, we will target 87.78.
• 89.21: the trend line that was broken yesterday.
• 88.83: the rising trend line from 84.81, and the SMA100.
• 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75.
• 89.72: short-term Fibonacci 61.8% resistance.
• 90.08: hourly resistance.
• 90.90: previous well known support/resistance area.
Forex trading analysis by Munther Marji for Forexpros.
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