Wednesday, January 9, 2008

Major Technical Analysis

euro

The European currency progressed to the upside to confirm the upside potential, yet the technical indicators didn't reflect any bearish movements; taking the currency towards the upside resistance as high as 1.4740s. Today we might see another bullish day for the Euro.
The trading range for today might be between the key resistance level at 1.4880 and the key support level at 1.4630.
The general trend is up as far as 1. 4060 remains intact targets now at 1.5000 and 1.5370.
We expect buying Euro above 1.4690 with a target at 1.4750, stop loss below 1.4655.

gbp

The British pound yesterday rose in a powerful move passing the major resistance levels at 1.9730, to hit the high at the levels of 1.9830. The technical trend studies, beside the technical oscillators, still show the upside targets so we expect a bullish movement for the pound today.
The trading range for today might be between the key resistance level at 1.9900 and the key support level at 1.9600.
The general trend is up as far as 1.9450 remains intact targets now at 2.1150 and 2.1400.
We expect buying sterling above 1.9690 with a target at 1.9800 stop loss below 1.9650

jpy

The dollar against the Japanese yen fluctuated in both directions with tendency to the upside as the technical parameters indicated that the horizontal support line played a significant role to limit the downside push yesterday. However, the other elements are still applying pressure to the downside so we expect the pair today to remained neutral.
The trading range for today will be between the key resistance at 110.80 and the key support at 118.00
The general trend is down as far as 121.30 remains intact, targets at 109.00 and 107.70.

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