Wednesday, January 16, 2008

Major Technical Analysis

euro

The European currency moved in the upside direction at the beginning of trading yesterday, to hit the critical resistance level at 1.4920s, and due to the sell-off pressuring the pair, the currency reversed back to the downside in a bearish pattern to close below the opening level. Thereby this move might lead the currency down today.
The trading range for today might be between the key resistance level at 1.4950 and the key support level at 1.4700.
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 1.4865 with a target at 1.4780, stop loss above 1.4920.

gbp

The British pound rallied yesterday in an upside direction at the beginning of the session yesterday to hit the strong resistance level at 1.9740s; the pound faced solid resistance which enforced it to drop down to close with a bullish move. The pound today is trying to form a kind of base to progress in a correctional move towards the upside.
The trading range for today might be between the key resistance level at 1.9800 and the key support level at 1.9500.
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 1.9580 with a target at 1.9700 stop loss below 1.9540

jpy

Yesterday, the dollar against the Japanese yen started with a strong bearish move, as it failed to get over the major resistance level at 108.20; then the pair was seen hit the low at 106.60 support area. Therefore, we expect the pair to progress towards the downside today after it confirmed the bearish signals.
The trading range for today will be between the key resistance at 108.50 and the key support at 104.80.
The general trend is down as far as 121.30 remains intact, targets at 104.80 and 101.00.
We expect selling USD/JPY below 109.65 with a target at 108.60, stop loss above 110.25.

No comments: