Daily Forex - June 22, 2009

{ Posted on 6/22/2009 05:00:00 PM by De_Trainer }

EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.4011 level on 4-hour chart. Key support is now located at 1.3871, a break below this level will confirm the cycle top and indicate that the rebound from 1.3748 has completed, then deeper decline could be seen to re-test 1.3748 support. If 1.3871 key support holds, further rally is expected to 1.4080-1.4100 area.

GBPUSD Analysis.
GBPUSD remains in range trading between 1.5801 and 1.6662. Pullback to 1.6000 zone would more likely be seen before breaking above 1.6662 level, and a break below 1.6187 key support will confirm such case. However, above 1.6662 previous high resistance will indicate that the medium term uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level.

Thx fxcycle.

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