EUR/USD Testing Resistance

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EUR/USD Testing Resistance

By Munther Marji on June 30, 2009 | More Posts By Munther Marji | Author's Website

EUR/USD Tests Resistance

The pair is currently pushing higher to test the 1.4140 level. This is a significant level and could give us early indications of where we are going over the longer time frames.

If the resistance level at 1.4140 is broken the next resistance is a former spike high at 1.4175. If the break is real, a target for the breakout is 1.4250. There is also some resistance expected at 1.4200-1.4210.

Failure at the 1.4140 level will find minor support at 1.4100, 1.4060, 1.4000 and strong support at 1.3980.

USD/JPY in Range

After the push higher yesterday the pair is very much back in a trading range.

Early action today has been contained between 96.30 and 95.80. A break above 96.30 is likely to move to the 96.60 resistance level and beyond that 96.90.

A break below 95.80 is likely to find support at 95.60, 95.30 and 95.10-95.00.

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