Forexpros.com Daily Analysis - 24/06/2009

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Sharpening Your Edge Series: Pivot Points
Hosted by: Andrei Pehar of Fx Knight
Date: Wed, Jun 24, 2009, 15:00 GMT

Discover one of the best-kept secrets of bank traders. Pivot points and their medians have long been a favorite of the biggest institutional players, and since they are the ones who move the markets, once you know the likely places for their pending orders, you also know the most likely levels for reversals. But too many traders calibrate their pivots incorrectly since they lack an understanding of their meaning and how the markets work.

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EUR/USD - After the Surge

Yesterday saw a very strong move by the EURO, moving almost double its average (12) daily range. It also broke multiple short term resistance levels.

With more news out of the US today, it could be another volatile day.

A push above 1.4100 gives an initial target of 1.4140 followed by 1.4175 and 1.4250.

Support is at 1.4060, with a break giving a profit target of 1.4020 followed by 1.3985. There is little support after this till 1.3900, but the 1.3940 area is also significant.


USD/JPY Rise and Fall

The pair currently looks to be heading to the recent swing highs at 95.90 but then is likely to fall in later trading as the pair continues its swing down on the longer time frames.

Resistance is at 95.90 with a push beyond likely to test the 96.15 area. Further resistance is at 96.50 but lies outside of the probable range of today's movements.

Support is currently at 95.25, 95.00 and 94.85 and 94.50.


Analysis by: http://www.forexpros.com - Written by Cory Mitchell

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