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Thursday November 19, 2009 - 10:10:52 GMT
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Forexpros - www.forexpros.com
Forexpros Daily Analysis - 19/11/2009Forexpros Daily Analysis Nov. 19, 2009
The Bank of Japan is due to hold a press conference Tomorrow (NOV 20).
The Bank regularly uses press releases in order to communicate with
investors. Topics at such conferences generally include economic
outlook, inflation and changes in interest rates.
For more on USD/JPY, USD/NZD and other currency majors see Forexpros.
The Euro broke the resistance 1.4935, and came very close to our first
suggested target at 1.4998, when it reached a top at 1.4990, before
retreating back to 1.49 this morning. Short-term resistance is provided
by the falling trendline from yesterday's high on the intraday charts,
which is currently at 1.4931. If this resistance is overtaken, then the
technical outlook will have the strength to reach 1.4998 first, and if
this is broke we have the right to expect 1.5082 for the first time
this year. As for the support, stopping near Fibonacci 50% for the
rising move from 1.4806 to yesterday's top 1.4990 makes it an important
support at 1.4898, but the most important support is at 1.4786, and if
broken we will be heading towards November 13th bottom 1.4820 first,
then the most important support at this stage 1.4786, where there is
Fibonacci 61.8% for the rise from 1.4625 to 1.5047. Especially with the
rising line from August 17th low getting close to this.
â€¢ 1.4876: Fibonacci 61.8% for the rise from 1.4806 to 1.4990.
â€¢ 1.4820: November 13th low.
â€¢ 1.4786: Fibonacci 61.8% for the rising move from 1.4625, the most important support for the medium-term.
â€¢ 1.4931: the falling trendline from yesterday's top on the intraday charts.
â€¢ 1.4998: intraday top from Monday.
â€¢ 1.5082: previous resistance from 2008.
Dollar-Yen is still holding on above 89 , but on the other hand it was
not able to surpass the previous top at 89.52. Now, the price is trying
hard to hold above 89, where Fibonacci 61.8% for the short-term is at
89.01. If this level holds, we will see an upward correction, while
breaking this level in specific indicates a continuation of the
downside movement towards 88.13, which is the last important support
before the last 15 years low 87.10. As for the resistance, the most
important for short-term is November 11th low 89.23, breaking it would
initiate a correction that would ideally target 89.87. This level is
the most important resistance at the moment, and a candidate to
initiate a new down move (of course that is in case we get there), only
breaking this level would change our expectations to the upside, when
we target 90.73.
â€¢ 89.01: short-term Fibonacci 61.8%
â€¢ 88.13: Oct 13th low.
â€¢ 87.10: Jan 12th low.
â€¢ 89.27: Nov 11th low.
â€¢ 89.87: Fibonacci 61.8% for short-term.
â€¢ 90.73: intraday top.
Analysis by Forexpros - Written by Munther Marji.
For information on Central Banks see Forexpros.
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