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Daily Technical Analysis Research 04/09/07

Daily Technical Analysis Research 04/09/07
Tuesday, April 10th, 2007 @ 11:17 am by Mohammed Isah

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Mon, 09th of April, 2007 6:57 am EST
TODAY’S FOCUS: EURUSD & GBPUSD
EUR Looks Vulnerable Nearer Term

EURUSD-After seeing a failure above 1.3400 level and closing lower at 1.3378 on Friday,EUR may likely face downside pressure nearer term as evidenced by its daily momentum indicators which are now beginning to point lower. In the short term the pair maintains its upside tone as long as its support zones at 1.3296/87, its Jan 02’07 high/Mar 30’07 and 1.3245/59 levels, 20’06 high/.50 Ret (1.3071-1.3441 rally)/Feb 27’07 high contain any downside weakness. The mentioned 1.3245/59 zone serves as a trigger for further downside losses towards its .618 Ret (1.3086-1.3410)/broken trendline at 1.3220/06 ahead of 1.3171/89 levels, its .618 Ret (1.2867-1.3363)/Feb 20’07.Conversely, maintaining at the current levels should put the pair on the path to challenging its Mar 22’07 high/April 05 high at 1.3410/41 with a break of there if seen opening the way for moves towards 1.3483 level, its Mar’05 high before its Dec’04 high at 1.3668.On the whole,EUR requires a return to 1.3441 high set last week followed with a break and close above it to bring the resumption of its medium and short term uptrend towards 1.3483 high.

Support Comments
1.3363 Dec’06 high
1.3296/87 Jan 02’07 high/Mar 30’07
1.3245/59 20’06 high/.50 Ret(1.3071-1.3441 rally)/Feb 27’07 high
1.3171/89 .618 Ret (1.2867-1.3363)/Feb 20’07

Resistance Comments
1.3410/41 Mar 22’07 high/April 05’07 high
1.3483 Mar’05 high
1.3668 Dec’04 high
1.4160 1995 high

GBP Continues To Push Lower

GBPUSD-GBP followed through to the downside on Friday on the heels of its Wednesday losses closing the week at 1.9653.This continuation of its decline from 1.9824 high set last week suggests that its nearer term downside looks to continue towards 1.9571/52 levels, its Mar 26’07 low/Dec’04 high/daily 50 ema followed by its Mar 16’07 high at 1.9505.Breaking below here targets 1.9460, its Dec 18’06 low and then the 1.9401/33 zone, its Feb 13 & 19’07 lows/ Mar 12’07 high.Additionally,its daily momentum indicators remain in support of this view. On the upside, initial barrier is seen at its Feb 15 & 27’07 highs at 1.9673/77 with a break of there putting the next upside gains at 1.9726/20 zone, its Mar 22 & 26’07 highs/.382 Ret (1.9744-1.9824 rally) ahead of its April’07 high at 1.9824.Beyond here lies 1.9915, its 2007/14-year highs and 2.0000, its psychologically important level. Overall, although a set back is in place nearer term, longer term bullish structure continues to be maintained by the pair.

Support Comments1.9571/59 Mar 26’07 low/Dec’04 high
1.9505 Mar 16’07 high
1.9460 Dec 18’06 low
1.9401/33 Feb 13 & 19’07 lows/ Mar 12’07 high

Resistance Comments1.9726/21 Mar 22 & 26’07 high
1.9673/77 Feb 15 & 27’07 highs
1.9748/78 Feb 02 & 07’07 highs
1.9824 April 03’07 high

Mohammed Isah
Market Analyst
FX Instructor LLC
misah@fxinstructor.com
www.fxinstructor.com

The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results

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