Technical Major Currencies Report,Wednesday December 3, 2008

EURO

As expected the euro head to the upside in a correctional move, yet today we can see a downside pattern over intraday basis where the 61.8% represents the neckline for the model and for that the downside move is expected as far as trading is below 1.2675, from another side breaching 1.2730 with hourly closing above might help the euro move to the upside for a while.
The trading range is among the key resistance level at 1.2820 and the key support level at 1.2360.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.

Support 1.2675 1.2645 1.2635 1.2575 1.2540
Resistance 1.2725 1.2750 1.2790 1.2800 1.2820
Recommendation Sell euro below 1.2700 with targets at 1.2635 and 1.2575, stop loss above 1.2759

GBP-USD It may meet resistance in 1.4917 - 1.4921 zone for a drift down to below 1.4628 zone.
USD-JPY It may meet resistance in 93.18 - 93.21 zone for a drift down to below 92.03 zone.
USD-CHF It should test 1.2098 area after which a sell off down to 1.2007 or extended to 1.195 area is expected.