Major Technical Analysis

euro

The European currency dropped last time massively as it passed the key support area at 1.4670s dragging the currency further down to hit the major support level at 1.4560s. This was due to the huge sell off as 2007 came to an end. Today we expect the euro to bounce back to cover some of its losses.
The trading range for today might be between the key resistance level at 1.4740 and the key support level at 1.4370.
The general trend is up as far as 1. 3860 remains intact targets now at 1.4760 and 1.4930

gbp

The British pound last time was trading with high levels of volume in the downside direction due to the huge sell off which in role allowed the pound to breach many significant support areas as 1.9970. Nevertheless, today we expect the pound to move towards the upside direction again at the start of the new year to cover some of its previous losses.
The trading range for today might be between the key resistance level at 2.0000 and the key support level at 1.9700.
The general trend is up as far as 1.9800 remains intact targets now at 2.0940 and 2.1050
We expect buying sterling above 1.9840 with a target at 1.9920 stop loss below 1.9800

jpy

The dollar against the Japanese yen last time went to the downside target at the important support level at 113.50s. However it further declined in a strong move towards the key support area at 111.20s during the morning session, before reversing later to the upside direction but still showing the tendency in the downside direction.
The trading range for today will be between the key resistance at 112.50 and the key support at 110. 00.
The general trend is down as far as 121.30 remains intact, targets at 112.40 and 111.20.
We expect selling USD/JPY below 111.85 with a target at 110.80, stop loss above 112.40