Technical Analysis 20/05/2010 FXCBS

Thursday May 20 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session between the lowest price at 1.23213 and the highest price at 1.24312, the pair trading now around the level of 1.23301.

Regarding the pair Sterling against U.S. dollar traded during the Asian session between the lowest price at 1.43195 and the highest price at 1.44657, the pair trading now around the level of 1.43449.

Finally the pair of U.S. dollar against the Japanese Yen traded during the Asian session between the lowest price at 91.008 and the highest price at 91.875, the pair trading now around the level of 90.975.

Market Expectations

EUR/USD :We advised to monitor the trading today for the pair euro against the U.S. dollar , Since the stability of trading above the level of 1.24300 may lead the price to make a big correction movement , and penetration for the level of 1.22900 will lead the price to decline again , so we advised to monitor the trading today carefully.

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GBP/USD :etermined indicators show a negative signs for the pair Sterling against the U.S. Dollar which may lead the price to decline again, we are waiting a clear penetration for the support level at 1.43200 to achieve this expectation, With reference to any pretention for the resistance level at 1.44750 will lead the price to big corrective movement to the level of 1.46552.

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


USD/JPY :We expect a bearish intraday direction; targeting the attack of 91.050 then paves the way towards 90.300. It is vital that stability is achieved below 92.800 to insure the bearish morning scenario this morning is achieved.

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Senior Analyst / Ali Hasan /FXCBS

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