Monday November 24, 2008

EURO The euro is leading an intraday upside wave since consolidation was seen above 100 hours MA at 1.2570 and targets now the resistance level for the triangular model at 1.2725; despite that the short term is to the downside we expect the euro to mange to rise further today towards the set resistance level.

The trading range is among the key resistance level at 1.2850 and the key support level at 1.2415.

The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.

Support 1.2595 1.2575 1.2550 1.2495 1.2450
Resistance 1.2650 1.2680 1.2705 1.2725 1.2770
Recommendation Buy euro above 1.2595 with targets at 1.2700, stop loss below 1.2500


EUR-USD Current rise seems to be over near 1.2608 or 1.2669 for a retracement towards 1.2546 - 1.2500 area.
GBP-USD While above 1.4787 - 1.4695 zone a corrective upmove could test 1.4965 or 1.5052. After which it should resume its downtrend.
USD-JPY Market looks set for gains towards 96.74 or above in extension. Dips should find support at 95.19 - 94.80 zone.
USD-CHF Preferred view is for a fall to below 1.2164 while 1.2219 - 1.223 area resists. A clear break of 1.2286 would be bullish.