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Daily Forex Technical View – January 9, 2008

Daily Forex Technical View – January 9, 2008
Wednesday, January 9th, 2008 @ 7:21 am by Bogdan Parascanu

EUR/USD Technical View

Euro formed an inside bar on Tuesday and until now, today’s price action has been contained inside yesterday’s as the pair covered only 40 points from low to high. The intermediary resistance at 1.4735 has so far proven to be a strong one and this is in line with our previous comments, that while we’re trading below 1.4750 we should look for possible short targets; moving under the 1.4700 round number should give us a more clearer bearish signal at least for short term. Conversely a push in the 1.4750-1.4800 area will get us closer to the trendline we have marked on our daily chart below and will force us to be more cautious about opening new shorts.

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 tested once again the 1.9800 resistance line after a piece of news got out of the UK yesterday’s morning but has slowly started to move lower in the afternoon and n today’s late Asian session and early European session we witnessed a sharp 140 points move that has taken out the previous weekly lows and is now getting very close to the 1.9600 support area. We were right in our assessment that the trend is still bearish but our mentioning of a possible retest of the 2.000 area has not came true as the pair broke the closest support level on its way to 1.9600. If the momentum keeps up we have to start looking at the 1.9550 level as the next significant bearish target and support zone.

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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