EUR/USD
Daily Analysis
17 July 2008
Current level-1.5867
EUR/USD is in an uptrend from recent bottom at 1.5301, that was the final of the prolonged consolidation since 1.5909 (17 March 2008). Technical indicators are slowly rising and trading is situated above the 50- and 200-Day SMA, currently projected at 1.5609 and 1.5095.
Tuesday's uptrend managed to climb above March's all-time high at 1.6019, but lost ground and sharply reversed, breaking back again below 1.5950 support, thus setting a final of the rise from 1.5610. Of course this sell-off has no power to change the short-term direction and the fact, that the pair is heading towards 1.6216 and probably 1.6566.
Yesterday's correction was limited below 1.5951, as expected and the slide from these levels bottomed at 1.5798. Nicely correcting so far, there is still some potential for 1.5891, but one more leg downwards should follow, toward 1.5763.
Today's strategy: Sell rallies to 1.5885, stop above 1.5951, add on a break below 1.5811, target seen at 1.5783. American session: Stay tuned for a reversal pattern above 1.5763.
Daily Analysis
17 July 2008
Current level - 105.38
The pair has finalized its corrective uptrend from 95.75 mid-term bottom with the recent top at 108.59. Trading is situated below the 50- and 200-day SMA, currently projected at 105.81 and 107.25.
The sharp rebound from local bottom at 103.79 confirms a final of the slide from 107.31, so allow one, two corrective days before renewing the overall downtrend towards 98.52. We expect this consolidation to be limited below 105.90 and above 104.37, so range trading is to be preferred with a risk limit above 106.31.
Today's strategy: Trade the 104.37-105.91 range.
GBP/USD
17 July 2008
Current level- 2.0009
The pair is in a broad consolidation above 1.9338 and below 2.0397. Technical indicators are flat on the higher time-frames and trading is situated above the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982.
Having topped at 2.0154 the pair entered in a consolidation phase above 2.0007 before renewing the uptrend towards 2.0274. We think, that one more downward leg to 1.9901 is needed before advancing beyond 2.0096 resistance, towards 2.0274.
Today's strategy : Stand aside.
Daily Analysis
17 July 2008
Current level-1.5867
EUR/USD is in an uptrend from recent bottom at 1.5301, that was the final of the prolonged consolidation since 1.5909 (17 March 2008). Technical indicators are slowly rising and trading is situated above the 50- and 200-Day SMA, currently projected at 1.5609 and 1.5095.
Tuesday's uptrend managed to climb above March's all-time high at 1.6019, but lost ground and sharply reversed, breaking back again below 1.5950 support, thus setting a final of the rise from 1.5610. Of course this sell-off has no power to change the short-term direction and the fact, that the pair is heading towards 1.6216 and probably 1.6566.
Yesterday's correction was limited below 1.5951, as expected and the slide from these levels bottomed at 1.5798. Nicely correcting so far, there is still some potential for 1.5891, but one more leg downwards should follow, toward 1.5763.
Today's strategy: Sell rallies to 1.5885, stop above 1.5951, add on a break below 1.5811, target seen at 1.5783. American session: Stay tuned for a reversal pattern above 1.5763.
| Resistance | Support | ||||||||||||
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Daily Analysis
17 July 2008
Current level - 105.38
The pair has finalized its corrective uptrend from 95.75 mid-term bottom with the recent top at 108.59. Trading is situated below the 50- and 200-day SMA, currently projected at 105.81 and 107.25.
The sharp rebound from local bottom at 103.79 confirms a final of the slide from 107.31, so allow one, two corrective days before renewing the overall downtrend towards 98.52. We expect this consolidation to be limited below 105.90 and above 104.37, so range trading is to be preferred with a risk limit above 106.31.
Today's strategy: Trade the 104.37-105.91 range.
| Resistance | Support | ||||||||||||
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GBP/USD
17 July 2008
Current level- 2.0009
The pair is in a broad consolidation above 1.9338 and below 2.0397. Technical indicators are flat on the higher time-frames and trading is situated above the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982.
Having topped at 2.0154 the pair entered in a consolidation phase above 2.0007 before renewing the uptrend towards 2.0274. We think, that one more downward leg to 1.9901 is needed before advancing beyond 2.0096 resistance, towards 2.0274.
Today's strategy : Stand aside.
| Resistance | Support | ||||||||||||
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