Forexpros.com Daily Analysis - 29/06/2009

[Forexpros04]

Free, Live Forex Webinar This Week!

Coping With Risk Management
Hosted by: Dan Cook of IG Markets
Date: Wed, Jul 1, 2009, 15:00 GMT

As Amos Hostetter once said, “Take care of your losses and the profits take care of themselves.” Risk management hits on the roots of trader psychology, therefore, Dan Cook, Senior Market Analyst at IG Markets, considers it to be one of the most important aspects of trading, and one that any trader can master. While risk management is often discussed, it is rarely understood. The subjectivity of entry and stop placements and varying trading time frames makes it difficult to generate consistent trading results.

During this webinar, Cook will divulge the risk management principles that should be included in any trading plan. The discussion will focus on several concepts: risk/reward ratio, risk to equity and the psychological aspects of stop placement. Additionally, Dan will discuss how currency traders can use binary options in cases where a spot forex position does not offer the best opportunity from a risk perspective.

Click HERE to register and watch for free!

---

EUR/USD Fails

The EUR failed to push above the former swing high at 1.4140 and has retreated in early trading this week. If support at 1.3980 is broken it places the short term bias downwards with a target of 1.3900 and beyond that 1.3840.

Resistance is currently 1.4040-1.4060. The targets beyond this level are 1.4100, 1.4140 and 1.4175.


USD/JPY Push Higher

The pair failed to take out lows at 94.88 (June 23) and is now pushing higher. This places the bias upwards.

So far resistance has held at 95.60. A push above is likely to target 96.00 and then 96.20.

A retreat below 95.30 indicates a target of 95 and beyond that 94.60 (support also at 94.85-90 area). Such a move would places the bias downward once again.

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

Disclaimers:
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.