Technical Analysis 19/05/2010 of FXCBS

Wednesday May 19 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session between the highest price at 1.22241 and the lowest price at 1.21437 which is the lowest level since 16th April 2006, the pair is currently trading around the level of 1.21879.

The pair Sterling against the U.S. dollar traded between the highest level at 1.43354 and the lowest level 1.42377 which is the lowest level since 30th March 2009, the pair trading now around the level 1.43260.

Finally the pair U.S. dollar against the Japanese Yen traded between the highest level at 92.248 and the lowest level at 91.552 , the pair trading now around the level of 91.990.


Market Expectations

EUR/USD :We expect today more decline for the pair Euro against the U.S. dollar after breakthrough the support level at 1.23100 , we expect today a decline for the pair to the target of 1.20450 , this expectation require a close of the four hours candlestick below the resistance level of 1.23100.

http://www.fxcbs.com/newsletter/images/EURUSD.gif

GBP/USD :We expect more decline for the pair Sterling against the U.S. dollar to the target of 1.41170 then 1.40620, these expectations require a stability of trading below the resistance level of 1.44050.

http://www.fxcbs.com/newsletter/images/GBPUSD.gif


USD/JPY :Some fluctuation is expected around the level of 92.330 for the pair U.S. dollar against the Japanese yen , followed a bearish reversal, where the pair through it can achieve the bearish intraday direction to the target of 91.220, stability of trading below the level of 92.800 necessary to achieve these expectations.

http://www.fxcbs.com/newsletter/images/USDJPY.gif


Senior Analyst / Ali Hasan /FXCBS

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