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Daily Forex Technical View – January 8, 2008

Daily Forex Technical View – January 8, 2008
Tuesday, January 8th, 2008 @ 4:26 am by Bogdan Parascanu

EUR/USD Technical View

 

Euro confirmed our bearish expectations on Monday and moved below 1.4700 although the strength of the move wasn’t big we saw the pair print a low of 1.4655 before bouncing back up in today’s Asian session. As long as the 1.4750 level stays unchallenged we maintain our bearish bias and expect a continuation south, but if the pair starts to trade closer to the 1.4750-1.4800 resistance area we think that EurUSd will enter into a consolidation period and those are more of a continuation pattern than a reversal one, so the chances of going higher increase significantly.

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-08-08.gif
GbpUsd Technical View

GbpUsd failed to print a new low on Monday Afternoon and in the Asian session it started to retrace higher and already it covered more than 160 points trading just above the 1.9800 resistance. Overall the trend still points south but we have to be aware that a retest of the 2.000 area is possible, as we are not that far away. Closest support level is now the 1.9750 a bounce from here will reinforce the short term longs and will increase the chances of another leg up; on the north side we have to look at the 1.9900 and 2.000 as the next bullish targets and strong resistance levels that can have an impact over GbpUsd price action.

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

gbp-jan-08-08.gif

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