FOREX TRADING

FX Technical Commentary

Euro 1.4960

Initial support at 1.4833 (Nov 23 low) followed by 1.4802 (Nov 20 low). Initial resistance is now located at 1.4999 (Nov 23 high) followed by 1.5048 (Nov 11 high)

Yen 88.50

Initial support is located at 88.36 (Oct 9 low) followed by 88.01 (Oct 7 low). Initial resistance is now at 89.19 (Nov 23 high) followed by 89.75 (Nov 16 high).

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Daily Technical Analysis

EURUSD Outlook

The EURUSD made indecisive movement yesterday, formed a Doji on daily chart. Price attempted to push lower after made a false breakout from my bearish channel but found a support around 1.4887 area before closed higher at 1.4963. On my h4 chart below we can see that price still move in range area indicating consolidation and indecisive market and struggling around the upper line of the bearish channel. Given such fact, I think the bias should remains neutral since we have nothing significant technically.

The Dollar weakness seems limited so far, but overall the market sentiment remains negative for the Greenback although Geither and Trichet support a strong Dollar. Immediate resistance at 1.4990 – 1.5000 area. Break above that area should trigger further bullish momentum re-testing 1.5062 key resistance area. Break above 1.5062 area should confirm the bullish continuation targeting 1.5150 and 1.5300. However, note that from a longer term point of view, a failure to break above 1.5062 will potentially produce bullish exhaustion thus could trigger significant bearish momentum even a reversal scenario towards 1.4625 and 1.4450. On the downside, immediate support at 1.4887 (yesterday’s low) followed by 1.4820 area. Break below that area should trigger further bearish momentum.

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FX Technical Commentary

Euro 1.4965

Initial support at 1.4802 (Nov 20 low) followed by 1.4786 (0.618 of 1.4624-1.5049). Initial resistance is now located at 1.5016 (Nov 16 high) followed by 1.5048 (Nov 11 high)

Yen 88.95

Initial support is located at 88.36 (Oct 9 low) followed by 88.01 (Oct 7 low). Initial resistance is now at 89.19 (Nov 23 high) followed by 89.75 (Nov 16 high).

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