FOREX TRADING

EUR/USD

Current level-1.4324

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4087 and 1.3463.After yesterday’s break above 1.4310, the pair is back in ranging mode between 1.4350 and 1.4209. Though the intraday bias is neutral, on the 2 and 4 h. charts a bullish set-up is being formed, targeting 1.4444.
Resistance     Support
intraday     intraweek     intraday     intraweek
1.4350     1.4444     1.4444     1.50+
1.4209     1.4160     1.4006     1.3746

USD/JPY

Current level – 94.13

A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 95.30 and 94.91.

The slide from 95.07 has potential for one more downswing to 93.65, before advancing towards 95.50 resistance.
Resistance     Support
intraday     intraweek     intraday     intraweek
95.08     95.90     99.03     101.42
93.41     91.67     93.07     87.12

GBP/USD

Current level- 1.6334

The currency pair is in an uptrend, after bottoming at 1.6310. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6324 and 1.5155.

Current bias remains negative for 1.6270 and 1.6030. Crucial on the upside is 1.6444 and first resistance comes at 1.6352.
Resistance     Support
intraday     intraweek     intraday     intraweek
1.6430     1.6550     1.6663     1.7042
1.6275     1.6160     1.6030     1.5778

RISK DISCLAIMER: These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis.