Daily Analysis Aug 20, 2009

Euro Dollar

1.4260 proved to be a strong resistance level, stalling the EUR surge yesterday.  Currently the pair appears to be forming a continuation pattern.  But a break below 1.4180 is likely to see a further slide.  Support is at 1.4150, 1.4120 and 1.4100.
A move higher is more likely at this point.  If 1.4260 is exceeded it indicates another move higher.   Initial target is 1.4310 followed by 1.4380.


The pair continues to decline, falling through support yesterday before bouncing to retest that former support level in late trading.  Currently the pair is pushing at resistance.  A push above 94.50 indicates at least a brief move higher into the 94.70 region, and if surpassed 95.00.
There is little support in a decline until 93.80 followed by 93.40.

Forex trading analysis by – Written by Cory Mitchell

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