FX Thoughts - Morning II - 14-Dec-2009
1150 IST or 0620 GMT or 0120 EST
|EUR-USD @ 1.4681/84...Supported at 1.4586|
|R: 1.4720-37 / 1.4768|
S: 1.4586 / 1.4507 / 1.4376
The Euro has risen today after falling towards 1.4586 on Friday. A break of the Support does not look likely till at least the end of the year. And till this holds, it may rise towards 1.4850 over the next couple of days. Last week's fall could have been the end to the December correction. Till this Support holds we would not be looking at any trend reversal talks making rounds in the market.
|USD-JPY @ 88.73/75...Immediate Resistance at 89.00|
|R: 89.00 / 89.75-90.00 / 90.30-50|
S: 88.20-00 / 87.35 / 86.70
Dollar-Yen failed to sustain above 89 and it has fallen from the high of 89.32 in the Asian session today thereby keeping the overall bearish sentiment intact. If it continues to trade below 89, we might see a downmove towards the Support in 88.20-00 region during the day. Note that the projected Max-Low for the day is 88.23. A strong break below 88 might increase the chances of further dip towards 87-86.50 over the next few days.
On the other hand if it gains upside momentum, a break above 89 might see a rise once again towards 89.75-90.00.
|EUR-JPY @ 130.28/33...Holding Long|
|R: 130.50-80 / 131.35-55|
S: 128.74-67 / 128.08 / 126.42
The Cross dropped to a low of 129.18 and has then surged towards current levels. Volatility is going to make or mar in the coming days as the pair oscillates around 130 with sharp surges and dips accompanying such oscillation. There's Support near 128.67 and the pair can oscillate +/- 100/150 pips around 130.00 over the next few days. The Projected Max High and Low for the day is at 131.42 and 128.74 respectively.
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