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Intraday Technical Analysis – January 7, 2008

Intraday Technical Analysis – January 7, 2008
Monday, January 7th, 2008 @ 7:53 am by Bogdan Parascanu

Monday’s Jan 7th midday analysis -13.00 GMT

Euro continued the down move started on Friday afternoon and opened the week moving lower, breaking the 1.4700 support level after a second try late in the Asian session. The pair found support around the 1.4660 area and is now retesting, the former support now turned into resistance, just above the 1.4700 round number. We maintain the bearish view on this pair as as long as the resistance level hold the downside pressure will push the quote lower towards today’s lows.

eur-jan-07-08-noon.gif

GbpUsd moved below the 1.9700 level early in the day but bounced right back above towards the 1.9750 level which is Friday’s middle range. We saw a lower low being formed today that supports our bearish sentiment and without any unexpected events later in the day the pair has a fair chance of testing the lows at 1.9650.

gbp-jan-07-08-noon.gif

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