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Daily Technical Analysis Research for 3/30/07

Daily Technical Analysis Research for 3/30/07
Monday, April 2nd, 2007 @ 12:06 pm by Mohammed Isah

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Fri, 30th of March, 2007 3:05 am EST
TODAY’S FOCUS: EURUSD & GBPUSD
EUR Continues To Look Vulnerable Nearer Term

EURUSD-Although EUR took back some of its Wednesday’s gains at the end of Thursday closing session, it still remains vulnerable to the downside targeting its .50 Ret (1.3071-1.3410 rally)/Dec 20’06/Feb 27’07 highs at 1.3240/59 unless a close above 1.3363/73, its Dec’06/Mar 28’07 highs is seen. If this occurs, a run at 1.3410 levels, its 2007 high could follow with a break paving the way for further gains towards 1.3483 levels, its Mar’05 high ahead of 1.3668, its Dec’04 high. In addition,its weekly stochastics indicator remains positive supporting this view. On the contrary, if the 1.3240/59 zone succumbs to downside pressure,then the next two downside objectives lies at its .618 Ret(1.3071-1.3410 rally)/broken falling trend at 1.3214/02 and 1.3171/89 levels, its .618 Ret (1.2867-1.3363)/Feb 20’07 high. Below there comes another solid support at 1.3080/52 zone, representing its Feb 22’07 low/Dec 18’06 highs/range breakout point/Mar 06’07 low. On the whole, EUR requires a break and close above its Mar 28’07 high at 1.3373 to create more room for gains towards 1.3410 and beyond.

Support Comments

1.3296 Jan 02’07 high
1.3230/59 Dec 20’06/Feb 27’07
1.3216/02 Broken trendline/.618 Ret(1.3071-1.3410)
1.3171/89 .618 Ret (1.2867-1.3363)/Feb 20’07 high

Resistance Comments

1.3363 Dec’06 high
1.3410 2007 high
1.3483 Mar’05 high
1.3668 Dec’04 high

GBP Eyes 1.9571/52 Zone

GBPUSD-After an intra day recovery to as high as 1.9658, GBP gave back most f those gains to close Thursday trading session at 1.9614.The pair remains exposed to downside risks nearer term towards 1.9571/52 zone, its Mar 26’07 low/Dec’04 high except a turnaround is seen taking its above its Feb 15 & 27’07 highs at 1.9673/77.Until that happens, focus remains on the downside nearer term with a break of 1.9571/52 opening the door for further downside losses aiming at its daily 50 ema/Mar 16’07 high at 1.9516/05 followed by 1.9460, its Dec 18’06 low. Breaking and holding below there expose support levels located at 1.9401/33 zone, its Feb 13 & 19’07 lows/ Mar 12’07 high and its Mar’05 high at 1.9326.While overbought remains a factor on the daily time frame, its RSI indicator points to the downside suggesting more downside pressure. On the upside, if invalidation of 1.9673/77 zone materializes, the next upside target to aim at is the 1.9748/78 zone, its Feb 02 & 07’07 ahead of a key resistance level at 1.9915, its 2007/14-year highs and then its psychological resistance at 2.0000.In conclusion, GBP requires a close above 1.9726/21 levels to increase its chances of pushing for further upside gains.

Support Comments

1.9571/55 Mar 26’07 low/Dec’04 high
1.9524/05 Falling Trendline/ Mar 16’07 high
1.9460 Dec 18’06
1.9401/33 Feb 13 & 19’07 lows/ Mar 12’07

Resistance Comments1.9673/77 Feb 15 & 27’07 highs

1.9748/78 Feb 02 & 07’07 highs
1.9915 2007/14-year highs
2.0000 Psychological Resistance

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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