major currencies

The pair entered a downside wave and we now see it trading above the 38.2% correction for the ascending channel that started on 4-12-2008 where we expect to see slight inclines today as far as the above mentioned level at 1.3890 remains intact. The current upside movement will be another attempt to retest the ascending channel that the pair had exited during last week's session yet we still believe to witness some volatility during this upside movement. Note that downside corrections are still possible.

The trading range for today is among the key support at 1.3730 and the key resistance at 1.4285

The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225

 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions

Support	1.3965	1.3945	1.3890	1.3825	1.3730
Resistance	1.4020	1.4090	1.4115	1.4175	1.4215
Recommendation	Buy the pair above 1.3945 with targets at 1.4020 and perhaps 1.4090 and stop loss with a four hour close below 1.3890

The pair declined sharply during the past two days after it failed to build a solid base above the 1.5475 level where we now see trading is still below the 61.8% correction for the ascending channel that started on 4-12-2008. Further downside movements could be seen that could possibly take the pair to the 76.4% correction at 1.4770 where as long as the pair stays below 1.4950, our target will be reached quicker.

The trading range for today is among the key support at 1.4700 and the key resistance at 1.5170

The general trend is to the downside as far as 1.9400 remains intact with targets at 1.4435 and 1.4095

We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions

Support	1.4885	1.4870	1.4830	1.4800	1.4770
Resistance	1.4950	1.4975	1.5000	1.5065	1.5010
Recommendation	Sell the pair below 1.4950 with targets at 1.4830 and 1.4770 and stop loss with a four hour close above 1.5000

An upside wave was initiated due to the pair's inability to close below the 87.30 level on the four hour charts where it is now trading near the key resistance for the descending channel at 90.20. The 89.70 level is the neckline for the upside trend and from here the pair will be struggling to specify a trend despite the clear signs of the bullish wave. However, the pair will reverse back to the downside if it fails to build a solid base above 89.70

The trading range for today is among the key support at 87.75 and the key resistance at 92.10

The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60

We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions

Support	89.70	89.30	89.15	88.75	88.35
Resistance	90.20	90.55	91.35	91.80	92.10
Recommendation	Buy the pair above 89.70 with targets at 90.85 and 91.35 and stop loss with a four hour close below 89.15

Before completing the upside correction that started by the end of the previous week, we now see the pair slightly declining to the downside but not past the 1.0895 and 1.0840 levels where from there we could see a rebound to complete the correction.

 The trading range for today is among the key support at 1.1745 and the key resistance at 1.1250

The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2570 and 1.2780

 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions

Support	1.0965	1.0930	1.0895	1.0840	1.0810
Resistance	1.0995	1.1020	1.1075	1.1150	1.1180
Recommendation	Buy the pair above 1.0895 with targets at 1.1075 and stop loss with a four hour close below 1.0810

The price is currently retesting the descending channel where we expect to see the pair incline during today's session and perhaps during Tuesday's session as well as far as trading remains above the 61.8% correction at 1.2050.

 The trading range for today is among the key support at 1.1845 and the key resistance at 1.2410

The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465

We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis.From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions

Support	1.2095	1.2050	1.1980	1.1930	1.1880
Resistance	1.2150	1.2225	1.2260	1.2295	1.2310
Recommendation	Buy the pair above 1.2095 with targets at 1.2225 and stop loss with a four hour close below 1.1950