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Daily Forex Technical View – January 15, 2008

Daily Forex Technical View – January 15, 2008
Tuesday, January 15th, 2008 @ 2:35 am by Bogdan Parascanu

EUR/USD Technical View

Euro printed a new high on Monday at 1.4915 just at the the up sloping trendline connecting August and September 2007 lows. The pair got in touching distance of the 1.4966 high and it still got a chance to get there in the next few days even if it doesn’t break decisively above the mentioned trendline. Forming a toppish pattern around the 2007 high or close to the 1.5000 psychological target will give bears a new opportunity to open shorts as we see the beginning of a bearish divergence on the higher timeframes. We didn’t expect the pair to move this high but after making a new high and showing some bullish momentum we are starting to look at what will happen if and when we will reach the 1.5000 level, like we said it’ll be a good place to short but there are already numerous voices in the markets that say it will go even higher.
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


eur-jan-15-08.gif
GbpUsd Technical View

GbpUsd has entered into a consolidation period after it broke the 1.9670 support line; failing to move lower, we have bounced a few times of the 1.9550 support zone and so far there are little signs that indicate a break is imminent. Overall the momentum is bearish and consolidation periods are usually a continuation pattern, so in this case we can expect the south move to resume at one point but, without a decisive break below 1.9550 we remain on the sidelines. Conversely another bounce of the support will open up 1.9670 as a valid short term bullish target and that is just 80 points under the December low at 1.9750.

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
  • 1.9180

gbp-jan-15-08.gif

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