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1hr charts

November 7th, 2007 @ 7:44 am by Bogdan Parascanu

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Hello traders, this is the 12.30 GMT intraday technical view

EurUsd exceeded our expectations today, while it has moved considerably in the Asian session a continuation of the move throughout the UK session was not expected; the pair just pushed higher when the European traders took control and we witnessed a new all time record high being made at 1.4703. At the moment the bullish momentum has slowed down a bit while markets wait for the US session to start, but the overall bullish sentiment is still there and we could see at least a retest of the 1.4700 area in the afternoon.

eur-nov-07-07-noon.gif

Cable also benefited from the weak US dollar and surged higher and touched the 2.1000 target we mentioned; although the move happened sooner than we expected it was in line with the current market conditions and our bullish sentiment. After breaking through 2.1000 we saw the pair reaching a high of 2.1055 from where it started to slip lower, at the moment we are trading around the 2.1000 level now turned intraday support, if the pair fails to get below it we could see another push towards the highs in the US session.

gbp-nov-07-07-noon.gif

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