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Wednesday February 24, 2010 - 10:48:01 GMT
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Forexpros - www.forexpros.com
Forexpros Daily Analysis - 24/02/2010ForexPros Daily Analysis February 24,
Fed Chairman Bernanke Testifies
Traders of the US look forward to Ben
Bernanke, US Federal Reserve Chairman, who will be testifying in Washington DC,
regarding America's economic outlook and financial markets.
His comments may
determine a short-term positive or negative trend.
The Euro broke the resistance specified in yesterdayâ€™s
report 1.3653 and came close to 1.37, before a total reversal took place, and
the Euro fell so hard, breaking the support 1.3612, and reached the first
suggested target 1.3544 successfully, and stopped only 4 pips before the second.
After this collapse, we ask ourselves, will the Euro be able to bounce back? The
most important support for the short term is at 1.3514, where there is the
rising trend line from Fridayâ€™s low. If this line is broken, the fall will
continue, targeting areas below the latest bottom 1.3442, most important of
which for today are 1.3422 & then 1.3338.The resistance is provided by the
short term 61.8% Fibonacci level at 1.3615. If broken, then the odds of breaking
the important trend line demonstrated on the attached chart will be huge, and
the price will jump to 1.3689 & 1.3787.
the rising trend line from Feb 19th low on intraday charts.
â€˘ 1.3422: May
â€˘ 1.3338: Apr 29th high.
Fibonacci 61.8% for the short term.
â€˘ 1.3689: Feb 23rd high.
â€˘ 1.3787: Feb
Dollar-Yen broke the
support specified in yesterdayâ€™s report 90.55, and reached the first suggested
target 89.90 with an unbelievable accuracy (yesterdayâ€™s low was exactly 89.90).
This support, which represents short term 61.8% Fibonacci level, will be the
most important support for today. If broken, the drop that started with the
â€śReversal Dayâ€ť pattern will carry on. The next set of targets will be 89.22
& may be 88.53. But if we hold above yesterdayâ€™s low, the odds of rising
will be huge, even if for a correction. And if this turns out to be a rising
correction, the ideal target would be at 91.02, and also, we could see a visit
to the previous well known support/resistance area
â€˘ 89.90: Fibonacci 61.8% for the short
â€˘ 89.22: Feb 10th low.
â€˘ 88.53: Feb 4th
â€˘ 90.28: Asian session high.
Fibonacci 50% for the short term.
â€˘ 91.63: previous well known
Trading Analysis written by Munther Marji for
For information on US dollar index see
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