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The European currency last Friday closed in a balanced pattern
10-12-2007 - Crown Forex | Forex Technical Analysis
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The European currency last Friday closed in a balanced pattern; that's since the key support level at 1.4590s hindered the Euro's drop, after plunging from the day's high at 1.4680s. Therefore the Euro now is about to form wave B in the upside direction within the extended correction wave; the Euro is expected to move then further higher today.
The trading range for today might be between the key resistance level at 1.4770 and the key support level at 1.4530.
The general trend is up as far as 1. 4270 remains intact targets now at 1.5000 and 1.5370.
Support 1.4642 1.4620 1.4609 1.4578 1.4545 Resistance 1.4675 1.4698 1.4718 1.4745 1.4772 Recommendation
We expect buying euro above 1.4645 with a target at 1.4710, stop loss below 1.4600. GBP
The British pound last week dropped massively reaching 2.0180s support levels; that in role led the pound to an over-sold area. That move provides a great chance for the pound to rebound. Last Friday the pound fluctuated to closed in a bullish pattern causing key adjustments to the technical oscillators reflecting the upside tendency for today.
The trading range for today might be between the key resistance level at 2.0440 and the key support level at 2.0200.
The general trend is up as far as 1.9950 remains intact targets now at 2.1170 and 2.1420
Support 2.0280 2.0265 2.0230 2.0210 2.0183 Resistance 2.0320 2.0341 2.0363 2.0387 2.0409 Recommendation
We expect buying sterling below 2.0285 with a target at 2.0380 stop loss below 2.0235. JPY
The dollar against the Japanese yen remained subdued last Friday since it lacked momentum closing with tendency towards the upside. The pair still has a chance to hit the main resistance level at the major downside tend line at 112.20s to reverse back to the downside after reaching an over bought-area.
The trading range for today will be between the key resistance at 112.50 and the key support at 110.20.
The general trend is down as far as 121.30 remains intact, targets at 108.30 and 106.80.
Support 111.20 111.03 110.80 110.63 110.37 Resistance 111.85 112.05 112.27 112.50 112.77 Recommendation
We expect selling USD/JPY below 112.15 with a target at 110.700, stop loss above 112.80. CHF
The dollar against the SWISS Frank last week failed in breaching the major resistance level located at the major downside trend line at 1.1350s, closing then at the opening levels indicating the downside headings for today.
The trading range for today will be between the key resistances at 1.1370 the key support at 1.1150.
The general trend is down as far as 1.2020 remains intact, targets at 1.1000 and 1.0940
Support 1.1255 1.1230 1.1211 1.1187 1.1165 Resistance 1.1310 1.1333 1.1358 1.1376 1.1393 Recommendation
We expect selling USD/CHF below 1.1300 with a target at 1.1200, stop loss above 1.1340. CAD
The dollar against the Canadian kept moving in the upside projection last week until it hit 1.0220s the major downside trend line at the peak of the upside wave. Since the pair reached an over-bought area it managed to head south again showing the downside channel.
The trading range for today will be between the key resistance at 1.0120 and the key support at 0.9900.
The general trend is down as far as 1.0745 remains intact, targets will be 0.9030 and 0.8965.
Support 1.0048 1.0024 1.0000 0.9976 0.9953 Resistance 1.0077 1.0100 1.0122 1.0139 1.0160 Recommendation
We expect selling USD/CAD below 1.0070 with a target at 0.9970, stop loss above 1.0125.
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Crown Forex CROWN FOREX SA, located at St-Hubert 38, 2854 Bassecourt, P.o.box 247, Switzerland, is fully regulated as a financial intermediary under Swiss federal law on the prevention of money laundering (LBA, MLA). Our company is also affiliated with the ARIF association, thus overseen by the Swiss federal de...DISCLAIMER:
The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver &energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk
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