Daily Analysis, Aug. 12


A rather tight range yesterday.  A break above the 1.4190 indicates a short term break of the range and a target of 1.4220.  The target beyond is 1.4320 if the pair continues to push higher.

A break below 1.4100 indicates another swing down with target at 1.4030 and 1.4000.


Support is at 95.40 and 95.00.  A break below 95 will likely probe into the 94.50 area.  There is an upward sloping trend line which currently is running through 95.40.  So a move below this level shifts the overall bias for the pair downwards.

Upside resistance is 96.10 and just below 96.60.

Forex trading analysis by – Written by Corey Mitchell

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