Forexpros.com Daily Analysis - 08/09/2009

[forexpros]

Forexpros Daily Analysis Sep 8, 2009


today - Watch How the Pros Trade!

Expert: Richard Regan
Start: Tue, Sep 8, 2009, 17:00 EST

Pro trading offers a one-off, train-and-trade capital solution. Head pro Richard Regan will discuss his trades of the day, why he got into them, why he got out, what trades he avoided and missed, and why. There will also be a 15-minute interaction session to ask Richard anything you want!

to join the webinar.

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The Euro has broken the falling trend line from Aug 27th high, and stayed above it the whole time. That is why, there is still a big probability to surpass 1.4405 and head towards areas above 1.45 for the first time this year, where targets such as 1.4510 and 1.4572 are waiting. We need to see a break of the close resistance 1.4346 to increase confidence. If the opposite happens and we break the 1.4302 support, then we will see a correction of Friday's rise, targeting 1.4245 ideally. If this is the case then this support will be very important to decide short-term's direction. But even if such a drop happens, it will not distort the technical image before breaking 1.4245, since approaching this support and not breaking it would be a positive sign for the Euro, giving it the ambition of flying above 1.45.

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