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Tuesday June 15, 2010 - 10:30:34 GMT
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Forexpros Daily Analysis - 15/06/2010ForexPros Daily Analysis June 15,
Analysis: BoE Gov King Speaks
European traders await the speech
by, Bank of England governor, Mervyn King. As head of Britain's central bank,
which controls key short term interest rates, King has more influence over
sterling's value than any other person. Traders scrutinize his public
engagements for clues regarding future monetary policy. His comments may spark a
short-term positive or negative trend.
The Euro broke the resistance specified in yesterdayâ€™s
report 1.2214, and successfully reached the first suggested target 1.2295 with
stunning accuracy (yesterdayâ€™s high was 1.2296). After that, the single currency
dropped for more than 100 pips so far, which confirms what we have said that we
should not confuse this actual trend break and the change in direction for the
short term, with the persisting downtrend for the medium term which is still
going strong. This retreat, from a well known resistance & a target area
means that the â€śhotâ€ť rise for the Euro is going cold! If we break the short term
support 1.2187, the Euro will probably give up the latest gains. And it will
target two important levels: 1.2086 first, then the support provided by the
rising trend lien from the 4-year low, which is at 1.2007. Needless to say that
this is a very important level. On the other hand, the resistance is at 1.2254,
and as long as we are below it, dropping more & more from yesterdayâ€™s top
will be expected. But if we break it we will target 1.2295 again, and later
â€˘ 1.2187: important intraday support.
1.2086: Fibonacci 61.8 for the whole rising move from last weeks low to
â€˘ 1.2007: the rising trend line from last weekâ€™s
â€˘ 1.2254: short term 61.8% Fibonacci.
1.2295: May 20h low.
â€˘ 1.2352: May 1st
Dollar/Yen broke the
resistance specified in yesterdayâ€™s report 91.60, but it did not make it to
91(the low at the moment of preparing this report is 91.14). The most important
technical event for the past 24 hours was the fact that the descending trend
line from last weekâ€™s top has got very close to the rising trend line from may
20th low, and it seems as if they are touching at the important 90.96. This
makes this support the single most important support without a shadow of a
doubt! It seems as if we are about to test it, and we suggested keeping an eye
at this pair as it gets closer to this level, because this very test is what
will determine and set the short term direction. If we break 90.96 the price
will drop hard, to 89.81 first, and then to 88.96, both levels are significant
and critical support levels. The resistance is provided by the falling trend
line from yesterdayâ€™s top on intraday charts, at 91.47. If we break this
support, a new short term rise will be initiated, targeting 91.91 &
â€˘ 90.96: the touching point of two important
trend lines: the rising trend line from May 20th low, and the falling trend line
from last weekâ€™s top. The single most important support for the short term.
89.81: May 26th low.
â€˘ 88.96: May 20th low.
91.47: the falling trend line from yesterdayâ€™s high on intraday charts.
91.91: June 8th high.
â€˘ 92.56: Apr 13th low.
trading analysis written by Munther Marji for
Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions
involves substantial risk of loss and may not be suitable for all investors. You
should carefully consider whether trading is suitable for you in light of your
circumstances, knowledge, and financial resources. You may lose all or more of
your initial investment. Opinions, market data, and recommendations are subject
to change at any time.
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