Daily Analysis – July 22, 2009

EUR/USD Uptrend Remains:

After chopping trading yesterday the pair is still holding above some important support levels which indicates the pair is likely to continue higher.

Support is at 1.4160, 1.4140 and beyond that 1.4100. A break below 1.4100 is unlikely and would shift short-term bias downwards, but further support is at 1.4060.

Targets on the upside are yesterday's high at 1.4280 and beyond that 1.4330-1.4350.


A sharp fall mid day yesterday tested the 93.25 support level, with the rate bouncing since.

This has resulted in the short-term bias being down, with a test of the 92.75 level likely. A rise above 93.90 would negate that and indicate a rise to test 94.40-94.50.

Analysis by: Forex Pros – Written by Cory Mitchell

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