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Intraday Technical Analysis – January 23, 2008

Intraday Technical Analysis – January 23, 2008
Wednesday, January 23rd, 2008 @ 7:40 am by Bogdan Parascanu

Wednesday’s Jan 23rd midday analysis -13.00 GMT

EurUsd has retraced towards the middle point of yesterday’s range after finding resistance at the 1.4670 area, looking at last weeks chart we can see that around the mentioned level the pair formed a consolidation pattern, this indicates the importance of the former support turned into resistance zone. Without any more surprises we expect the pair to resume its down trend especially while we are trading below 1.4600.

eur-jan-23-08-noon.gif

GbpUsd failed to stay above 1.9600 and after forming a bearish divergence on the smaller timeframes we already saw a test of the 1.9500 support level, if this is breached we expect to retest yesterday’s low at 1.9330 on the way to the bigger bearish target of 1.9180.

gbp-jan-23-08-noon.gif

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