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Thursday April 8, 2010 - 11:07:39 GMT
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Forexpros Daily Analysis - 08/04/2010ForexPros Daily Analysis April 8,
The Euro broke the support 1.3355, but managed somehow to hold
1.33. The fact that the Euro has traded above 1.33 after this break is a
of approaching a new channelâ€™s bottom. This channel which we present to
today on the attached chart, helped the Euro survive above 1.33, but
succeeds in doing in doing so today? We see the most important support
term is the nearby 1.3319, and breaking it would give the Dollar a push,
this pair to new lows for this wave. We see that breaking this support
result in breaking 1.33 and then creating a strong move targeting 1.3212
then 1.3113, as we approach the important 1.30 level. As for the
is at 1.3356, and breaking it would indicate we are targeting the top of
channel at 1.3420. And if this resistance is broken, the technical
improve, dramatically, and we will see the Euro bringing out a few
which will lead to the test of the very important falling trend line for
long term, which is at 1.3517.
â€¢ 1.3212: May 4th low.
â€¢ 1.3113: Mar 30th 2009
â€¢ 1.3356: the top of the falling
â€¢ 1.3420: the top of the falling channel from Friday's
â€¢ 1.3517: the falling trend line for the long term on
support in yesterdayâ€™s report 93.75, and stopped with stunning accuracy
first suggested target 93.12 (the Asian session low, and the daily low
moment of preparing this report is 93.12). This proves the importance of
level which we described yesterday as very important. Thus, we will keep
attention focused on this level, since a break here would indicate that
from 94.77 is more than just a correction. If 93.12 is broken, we expect
pair to get hammered to 92.10 first, and then the important 91.55, which
represents the last line of defense for the rise from 88.12. With this
now have a clear falling channel from 94.77, with its top at 93.82. If
resistance is broken, the USD will be able to capitalize on the accurate
93.12 t achieve gain, targeting the weekly high 94.77 first, and then
â€¢ 93.12: Fibonacci 61.8% for the rise
92.10, a very important support for the short term.
â€¢ 92.10: Mar 30th
â€¢ 91.55: the rising trend line from 88.12 on the hourly
â€¢ 93.82: the top of the falling
â€¢ 94.77: this weekâ€™s high so far.
â€¢ 95.84: Jul 31st
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