Friday November 21, 2008
EURO
Despite the volatile trading for the euro against the dollar yet it was restricted within the sideways triangular model, among the resistance level at 1.2625 and the support level at 1.2415, for that there is no defined intraday trend despite the short term downside trend which also prevails below 1.2745 levels. Today we expect the euro to continue to fluctuate over intraday basis which no clear direction while a clear move will be seen if either specified resistance or support levels were breached.
The trading range is among the key resistance level at 1.2745 and the key support level at 1.2275.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.
Support 1.2495 1.2450 1.2415 1.2385 1.2335
Resistance 1.2550 1.2575 1.2595 1.2625 1.2695
Recommendation Sell euro below 1.2575 with targets at 1.2350, stop loss with hourly closing above 1.2745
Great British Pound (GBP)
Sterling versus the dollar as expected entered a clear downside wave as it continues to trade below the major resistance level for the downside channel; now the pair is leading an upside move which is only correctional and will take the pair again to the downside as far as 1.4930 and 1.5055 remain intact.
The trading range is among the key resistance level at 1.5215 and the key support level at 1.4690.
The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095.
Resistance 1.4915 1.4985 1.5050 1.5080 1.5150
Recommendation Sell sterling below 1.4915 with targets 1.4760, stop loss with four-hour closing above 1.5050
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