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January 24th, 2008 @ 3:36 am by Bogdan Parascanu

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EUR/USD Technical View

EurUsd is trading at the same level it was when we wrote our previous daily commentary, the pair moved lower in yesterday’s afternoon trading hours but then retraced back up above 1.4600 after finding support at the 1.4500 level. The markets are still undecided after the events we’ve witnessed this week and apparently many are still expecting the FED to cut interest rates again, and until that situation gets some clarification trading will be difficult, the battle between bulls and bears will keep the pair trading close to the current levels.
Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

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January 23rd, 2008 @ 7:52 am by Mihai Marinescu

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Hi everybody! We mainly focused on EURUSD today, as the pair seems to be starting a consolidation phase 1.4490-1.4780 with direction to be settled during the next days. For now, it appears that the larger timeframes are somehow ambiguous, but the 1h and lower are showing possible retracement down after yesterday’s sharp move. Also noticed bearish signs on GBPUSD and AUDUSD short-term, however they seem to be part of larger consolidations.
Will keep an eye on the market for possible trading setups on these pairs.

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January 23rd, 2008 @ 7:40 am by Bogdan Parascanu

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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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January 23rd, 2008 @ 2:34 am by Bogdan Parascanu

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EUR/USD Technical View

EurUsd recovered in yesterday’s session all the points it lost on Monday and than some; after starting the day moving lower the pair bounced from the 1.4360 area and support by fundamental reasons, mainly the FED 0.75% interest rate cut, it pushed higher forming an outside bar on the daily charts and printing a weekly high just below 1.4700. Yesterday’s price action was an pretty interesting, what seemed to be a retracement to a resistance line turned into a large scale move of more 300 points; today’s development could be just as important as the markets are still under the influence of the FED decision and not everyone is completely sold on the lack strength or more likely the weakness of US dollar at the current interest rates. One should trade very carefully these days as we already saw the situation can change very quickly.

Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

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January 21st, 2008 @ 7:48 am by Bogdan Parascanu

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Monday’s Jan 21st midday analysis -13.00 GMT

EurUsd broke below the 1.4600 support level and pushed through toward the 1.4450 zone covering more than 140 points in today’s Asian and European session. After such a big drop on a day when we weren’t expecting big volumes we should look for some retracement move for the Us session or at least a slow down and a consolidation just below 1.4500.

eur-jan-21-08-noon.gif

GbpUsd traded aroun dthe 1.9500 for most of the day with only one small spike that printed today’s low at 1.9456. After breaking and retesting a support trendline last night just above the 1.9550 area the pair started once again to move lower but with diminished momentum.

gbp-jan-21-08-noon.gif

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January 20th, 2008 @ 7:31 am by Bogdan Parascanu

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EUR/USD Technical View

EurUsd failed to print a new high on the weekly chart, it stopped just under the November 23rd high at 1.4966 at the resistance offered by the trendline that connects August and September 2007 swing lows. Breaking the weekly movement on a daily basis we see that Monday the pair pushed higher and although it made a new high on Tuesday after that we had a straight down move supported by a speech from an ECB banker and the fact the EurUsd was trading in an overbought area. The weekly low was made on Thursday at 1.4587 and after that we saw the bearish momentum slowing down and the pair closed just above 1.4600. We maintain our bearish bias for the following days with the mention that Monday is a holiday in the US and trading might be slow; perhaps the most important bearish target is December 20th low at 1.4300 which is also an important support level a place where bullish traders will want to use as a base for a repeat of December’s movement.
Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

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January 18th, 2008 @ 4:58 am by Bogdan Parascanu

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EUR/USD Technical View

EurUsd lacked the strength to push through the 1.4600 support level so far, yesterday we saw the par print a new weekly low but it didn’t have the stamina to continue the move form Wednesday. We are pretty much in the same place as yesterday morning, the pair is trading just above the 1.4600 level and is trying to get lower, a break below 1.4600 will confirm the current bearish momentum and will get us closer to the 1.4500 level, the next significant target and support level. Conversely a bounce back from here will bring the pair right back in the 1.4600/1.4835 congestion area.
Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

Read the rest of this entry »

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January 17th, 2008 @ 7:43 am by Bogdan Parascanu

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Thursday’s Jan 14th midday analysis -13.00 GMT

EurUsd printed a new weekly low this morning just under the 1.4600 level but after that it started retracing toward yesterday’s 50% Fibonacci line at 1.4730 which is also where we have marked on our chart a downsloping trendline connecting Wednesday and Thursday’s highs; the resistance at that level should be enough to turn the pair back down toward the lows.

eur-jan-17-08-noon.gif

GbpUsd failed to make a higher high today and bounced back and forth between 1.9600 support and 1.9700 resistance at the moment is trading right in the middle of this range. We expect the pair to at least test the 1.9600 support if not to go a little lower toward the 1.9550 zone.

gbp-jan-17-08-noon.gif

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