The pair started this year trading to the downside as is created a downside channel on the short term with a key resistance at 1.4190 where at the same time, it confirmed an intraday descending channel with a key resistance at 1.4015. The downside trend will continue in the upcoming period but will face the first support at 1.3830 which is the 38.2% correction for the ascending channel that started on 13-10-2008 where from there we expect the pair to rebound to the upside as it is being oversold on the stochastic indicator yet the downside trend continues on the short term.
The trading range for today is among the key support at 1.3615 and the key resistance at 1.4190
The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225
|Recommendation||Sell the pair below 1.3910 with targets at 1.3890 and 1.3830 and stop loss with a four hour close above 1.3975|
A clear and significant rebound was seen from the support level at 1.4350, which we have pointed out to during the last trading day of 2008, took the pair to the 1.48 levels yet we have started to see a divergence in the direction back to the downside to currently trade below the 23.6% correction for the descending channel that started on 17-12-2008 which make us believe we could see slight declines during today's session. The pair will rebound back to the upside if trading is above the 1.4730 level on the four hour charts.
The trading range for today is among the key support at 1.4340 and the key resistance at 1.4965
The general trend is to the downside as far as 1.9400 remains intact with targets at 1.4135 and 1.4095
|Recommendation||Sell the pair below 1.4685 with targets at 1.4610 and 1.4585 and stop loss with a four hour close above 1.4730|
The pair started trading with another serious attempt to breach the key resistance for the short term descending channel at 91.20 - 91.35 where this level needs to witness a four hour close above it to initiate new bullish wave. Currently the Stochastic and Relative Strength indicators show the pair being overbought yet the breach of this resistance level will ignore these indicators and that is why trading today should be careful until we see a confirmation for this breach. If the pair returns below the 90.90 level, the upside trend will fail to be seen on the intraday and short term trends.
The trading range for today is among the key support at 88.80 and the key resistance at 92.75
The general trend is to downside as far as 102.10 remains intact with targets at 84.95 and 82.60
|Recommendation||Sell the pair carefully below 91.20 with targets at 90.80 and 90.30 and stop loss with a four hour close above 91.95|
A short term asceding channel has been created where the pair is expected to incline but at the same time, the stochastic indicators is giving signals of a downside correction while the moving averges show the tendency for further increases. Building solid base above 1.0655 will prolong the upside trend, but on the intraday, the 1.0720 could be enough to keep the pair to the upside.
The trading range for today is among the key support at 1.0510 and the key resistance at 1.0975
The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2570 and 1.2780
|Recommendation||Buy the pair above 1.0720 with targets t 1.0825 and stop loss with a four hour close below 1.0650|
The sideways fluctuation continues once again where the attempts to breach the 1.2225 and 1.2295 levels with a four hour close have failed. From here we see the pair is likely to decline but we see no signs of a downside confirmation but rather a clear neutral pattern.
The trading range for today is among the key support at 1.1840 and the key resistance at 1.2415
The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465
|Recommendation||Sell the pair below 1.2225 with targets at 1.2050 and stop loss with a four hour close above 1.2290|