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Intraday Technical Analysis – January 10, 2008

Intraday Technical Analysis – January 10, 2008
Thursday, January 10th, 2008 @ 7:45 am by Bogdan Parascanu

Tuesday’s Jan 8th midday analysis -13.00 GMT

Euro traded just below the 1.4700 level for the better part of today’s session in expectation of the ECB rate announcement. Unless we see a major surprise there, the pair is expected to continue its downside move towards the 1.4600 level and lower.

eur-jan-10-08-noon.gif

GbpUsd retraced to the 50 Fibonacci line of the 1.9760/1.9560 down move and after the BOe announced that it’s keeping interest rates at 5.50% the pair spiked up but we are seeing it resuming the downtrend; first target is this mornings low at 1.9535 before breaking below the 1.9500 round number.

gbp-jan-10-08-noon.gif

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