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January 6th, 2008 @ 8:40 am by Bogdan Parascanu

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EUR/USD Technical View

Euro recovered in the last week of 2007 and got above 1.4700 where the pair traded in the past few days, and formed a hammer candle on the weekly chart(as seen below). While we are trading below Friday’s high at 1.4830 we maintain our bearish bias on this pair and expect a move lower aiming at first for the 1.4600 area as an intermediary target before the 1.4300 December low. EurUsd is trading in an overbought area close to a strong resistance level on the daily chart and this is one of the facts that makes us think the pair is going to go lower. Conversely a move above Friday’s high will certainly be a blow to shorts and perhaps shift focus towards the psychological target of 1.5000, a target we failed to reach in November.
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 4th, 2008 @ 7:45 am by Bogdan Parascanu

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Thursday’s Jan 4th midday analysis -13.00 GMT

Euro traded just above the 1.4700 level for most of today’s session waiting for the NFP release, the par fas traded calmly getting closer and closer to the support level but not managing to break below as the upcoming are important and could change the mid term perspective.

eur-jan-04-08-noon.gif

GbpUsd failed to perform as expected, although it briefly got below 1.9700 the 9.30 GMT UK news helped pushed the pair for a new retest of the 1.9800 resistance and now we are trading roughly at the 50. Fib line of today’s 125 pont move; also the upcoming NFP release will have an impact on the pair and will determine the direction for the remainder of the session.

gbp-jan-04-08-noon.gif

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