FOREX TRADING

EUR/USD

Current level-1.4335

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, presently projected at 1.4134 and 1.3523.

Yesterday’s break above 1.4285 neutralized the negative sentiment and the pair is back in the previous range. We’re rather bearish here for 1.4050 with a risk limit above 1.4367.
Resistance     Support
intraday     intraweek     intraday     intraweek
1.4367        1.4444           1.4285        1.4006
1.4444        1.50+              1.4160        1.3746

USD/JPY

Current level – 93.90

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 94.86 and 94.84.

The pair reversed at 93.21 and is in a minor uptrend for 94.56 and 95.50. Intraday bias is positive with nearest support around 93.80 and risk limit below 93.64.
Resistance     Support
intraday     intraweek     intraday     intraweek
94.56          98.90              93.64          91.67
95.50         101.45              93.07          87.12

GBP/USD

Current level- 1.6295

The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.

The rebound from 1.6150 is stronger than anticipated, but we continue to think, that it is a corrective wave, so expect 1.6350 to limit the upside for next leg downwards, to 1.5980. Crucial on the 4 h. chart is 1.6450.
Resistance     Support
intraday     intraweek     intraday     intraweek
1.6350        1.6663          1.6160        1.5980
1.6450        1.7440          1.6030        1.5350

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.