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Market commentary- Wednesday18 April 2007

Market commentary- Wednesday18 April 2007
Wednesday, April 18th, 2007 @ 3:22 am by Bogdan Parascanu

EurUsd new highs

Euro managed to break through that small range formed in the first days of the week and now trades close to the 1.3600 area. Daily momentum is still rather bullish as we had a bullish outside daily candlestick yesterday and we got above the 1.3552 high of last week’s price action; if Euro holds what was gained so far we can start looking at future resistance areas, the closest one is the 1.3600 round number, after that we have December’s 2004 high of 1.3668.
Conversely if euro begins to fall under pressure we have to look at future support points, if that is the case we have a clear case of former resistance turning into support, first March 21st 1.3411 high then the high of December 3rd at 1.3365 if these two levels fail to break they can turn into key points of reversal for another leg north (we will analyze the situation if the price gets there), lower down we have the round number of 1.3300 which is also a swing high established on January 7th and even lower we can see the 1.3260 area February 27th high and also March 25/26th low.

Resistance Levels

  •  1.4532 – March 2005 High
  •  1.3668 – December 2004 High
  •  1.3600 – Round number

Support Levels

  •  1.3483 –March 2005 High
  •  1.3410 – March 21st High
  •  1.3365 – December 3rd High
  •  1.3300 – January 7th High
  •  1.3260 – February 27th High

EURUSD 18April

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