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$EURUSD -

Currently the cross is at resistance @ 1.3450.  Looking for it to go through and tag the  1.3500 (even number) and possibly the 1.3541 resistance.  Next target is 1.3574 (R7). Downside risk is to the 1.3253.

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$EURJPY -

EurJPY took a while to break from our post yeseterday.  Two possible scenarios today.  1) break to the south to the trendline and then the 111.21. 2) Build the right shoulder of a head and shoulders pattern before breaking to the same targets.  Upside risk to 113.54.

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$EURJPY rising wedge -


EurJPY currently in a rising wedge which is bearish for the cross.It is near the fourth resistance area ( R4) which is also resistance from the 240 chart.  Watch for a pullback at that area.  Downside risk to 112.91.

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$EURUSD approaching pullback area -

Euro currently near the 4.236 fibo area and the confluence of the resistance at 1.3200 (R6).  Watch for a pullback at that area.  Downside risk to 1.3070.

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HEADS UP - USD CAD reversal potential

We have an inverse head & shoulders on the UCAD and a potentil move up to the 1.0363 area

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$GBPUSD Critical area -

CAble sitting at a critical level.  A bounce here targets the double top at 1.5730 then the 1.5867 area.  A breech targets the trendline area around 1.5500.

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What ProAct Traders sees in the Forex starting the week of September 19, 2010

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!  CLICK ON IMAGES TO ENLARGE

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$EURUSD

WHAT ProAct Traders SEE:  We have come up almost to the .786 fibo (still a chance to take it officially out).  We are at the top of the channel so looking for the week to start in a bear move down.  Upside risk is 1.3200.  Downside targets are 1.2874 -1.2800 and 1.2600.

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Biggest Ever Yen Intervention

Great article Biggest Ever Yen Intervention — http://tinyurl.com/365kcgw

$EURUSD Critical area -

Markets are waiting on Prelim/Consumer sentiment.  Technicals prior to that  indicate: We have reached the top of the channel and have a pullback.  A  bounce on the channel line targets the double top @ 1.3161. Break of that channel targets the .382 at 1.2932.

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$EURUSD -

We have reached the top of the channel so will expect a pullback here to the .382 and then a go at the Upper target at 1.3204-36.

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