Forexpros.com 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.

USD/JPY

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 Forexpros.com – Written by Cory Mitchell
 

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