Thursday, January 10, 2008

Major Technical Analysis

euro

The European currency rallied to the downside with high level of volume to show key weakness for the euro in the upcoming days as it opened the chance again to reach the levels of 1.4580s support area. This occurred after the euro breached the upside minor trend line on the bullish wave.
The trading range for today might be between the key resistance level at 1.4800 and the key support level at 1.4500.
The general trend is up as far as 1. 3860 remains intact targets now at 1.5000 and 1.5230
We expect selling euro below 1.4690 with a target at 1.4600, stop loss above 1.4750.

gbp

The British pound rallied in the downside direction in a very strong bearish pattern to reach one of the most critical supports level at 1.9550s give the pound the opportunity reverse its main direction if it closes below the mentioned level. Nevertheless, today we see the pound can move in the upside direction to recover some of its losses.
The trading range for today might be between the key resistance level at 1.9700 and the key support level at 1.9460.
The general trend is up as far as 1.9460 remains intact targets now at 2.1170 and 2.1450
We expect buying sterling above 1.9550 with a target at 1.9660 stop loss below 1.9500.

jpy

The dollar against the Japanese yen jumped in the upside direction after it couldn't drop below the major support at 108.80s to create a bullish wave to hitting a high at 109.70s. The pair today is expected to progress towards the upside direction as the technical indicators showed yesterday.
The trading range for today will be between the key resistance at 111.00 and the key support at 106.80.
The general trend is down as far as 121.30 remains intact, targets at 112.40 and 111.20.

No comments: