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Forexpros.com Daily Analysis - 09/06/2009
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EUR/USD Testing Support
The pair pulled up from the 1.3800 support level, but has fallen back towards it in early trading today.
A break below this level would mean another slide downwards of 100+ pips with an initial target at 1.3670-1.3650 and beyond that the 1.3600 area.
A move above 1.3940 would target 1.4040 and 1.4090. There is also resistance at 1.4000.
On the hourly chart the pair broke below a support level which had held rates above 98.20 since late trading June 5. That level was broken in early trading today.
While this may be a false breakout, targets on the downside are 97.55 and 97.00.
A move back into the range of 98.20-98.90 would signify a retest of short term resistance at 98.50 and the highs of the range at 98.90-99.00.
Analysis by: http://www.forexpros.com - Written by Cory Mitchell
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