Friday November 14, 2008

EURO

The euro inclined as it was being oversold yesterday failing to reach our downside targets but the chance is still open since yesterday's upside movements were nothing more than an attempt to retest the key support for the sideways channel that was breached earlier. The pair is trading now near the 100 day MA on the four hour chart at 1.2740 and we see that if trading continues below this level, it could reverse to the downside. The decline today is concerned with 1.2885 where trading below it will also result in a reverse sooner or later.
The trading range for today is among the key support at 1.2375 and the key resistance at 1.3000
The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225
Support 1.2670 1.2565 1.2510 1.2485 1.2415
Resistance 1.2740 1.2770 1.2835 1.2885 1.2900

EUR-USD Current rise seems to be over near 1.2813 or 1.2955 for a retracement towards 1.2671 - 1.2579 area.
GBP-USD It should test higher than 1.5036. Entry point are at 1.4700 and 1.4603. A break of 1.4364 is bearish.
USD-JPY It should trade higher to 99.13 while 96.82 or 96.10 offers support. Stop loss below 95.38 zone.
USD-CHF While below 1.1850 or 1.1900 it could fall towards below 1.1799 or 1.1724. After which a corrective/consolidation activity is expected to 1.1938 zone.