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Daily Forex Technical View – January 10, 2008

Daily Forex Technical View – January 10, 2008
Thursday, January 10th, 2008 @ 4:42 am by Bogdan Parascanu

EUR/USD Technical View

Euro broke lower on Wednesday getting below 1.4700 and printed a low at 1.4640. The downside momentum is not that big but the pair is slowly heading lower as expected, next bearish target is the 1.4600 round level which coincides with the 61.8 Fibonacci retracement line of the bigger move north from October’s 1.4000 low to November’s 1.4967 record high. Looking at the daily chart below we can spot clearly the next areas where eurUsd might found support and these are 1.4600 and 1.4500 both levels that have proven to be relevant to price action in the past.
Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

GbpUsd Technical View

GbpUsd moved more than 200 points yesterday and after smashing through the 1.9670 support line it touched the 1.9550 zone where it found support and the pair has been trading just above that level for the last few hours. Although on the shorter timeframes we are seing a consolidation range forming after yesterday’s drop the bearish momentum is still strong and a further move down is to be expected, the pair needs to break the above mentioned 1.9550 support and after that the next major bearish target is the 1.9100 round number. Conversely a retracement towards the 1.9670 now turned into resistance is not to be ruled out but if that happens the sentiment is that bears will just get a new opportunity to add new positions.

Resistance Levels

  • 2.1148 – Nov 9th High
  • 2.1065 – Nov 7th High
  • 2.0650 – July 24th High
  • 2.0365 – September 12th High

Support Levels

  • 2.0000 – Round number
  • 1.9800 – Round Number
  • 1.9670 – August 17th Low


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