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Wednesday December 16, 2009 - 13:55:16 GMT
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Forexpros Daily Analysis - 16/12/2009Forexpros Daily Analysis Dec 16, 2009
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The Euro broke the support 1.4621 and successfully reached both
suggested targets 1.4566 & 1.4510. And then spent the time holding
above 1.45, and that could lead to a correction of the last 5 waves
down from 1.4683. If short-term resistance 1.4563 is broken, 1.4614
would be an ideal target for this correction, and at the same time the
most important resistance. Reaching it could provide a good sell
opportunity. But, if its broken, the price will gain enough strength to
target 1.4667. As for the support, it is provided by the rising trend
line from yesterdayâ€™s low on the intraday charts, which is currently at
1.4535. If broken, we will target the important 1.4445 (the next
important stop), and then 1.4405.
â€¢ 1.4535: the rising trend line from yesterdayâ€™s low on intraday charts.
â€¢ 1.4445: Fibonacci 50% for the long-term (the rise from 1.3737 to 1.5143).
â€¢ 1.4505: Aug 27th high.
â€¢ 1.4563: intraday resistance.
â€¢ 1.4614: Fibonacci 61.8% for the short-term, and the most important resistance.
â€¢ 1.4667: previous well known support/resistance area.
Dollar-Yen broke the resistance 89.28, and jumped close to the 90 level
& the suggested target (yesterdayâ€™s high 89.93). With this break,
the Dollar has gained a technical advantage that should give it the
strength to go on. But to keep this advantage, the price should hold
above the broken trend line which is currently at 89.21. If it succeeds
in doing this, the odds will favor more upside movement, that would
break short-term resistance 89.72, and head to areas above yesterdayâ€™s
high, where the same suggested targets from yesterdayâ€™s report (90.08
& 90.90) will await. But if the opposite to what is expected
happened (if we break the support 89.21) the price will resume falling,
targeting the rising trend line from 84.81 & the SMA100, and both
of them at 88.83, and if this important support if broken, we will
â€¢ 89.21: the trend line that was broken yesterday.
â€¢ 88.83: the rising trend line from 84.81, and the SMA100.
â€¢ 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75.
â€¢ 89.72: short-term Fibonacci 61.8% resistance.
â€¢ 90.08: hourly resistance.
â€¢ 90.90: previous well known support/resistance area.
Forex trading analysis by Munther Marji for Forexpros.
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