Thursday July 15 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session between the lowest level at 1.27081 and the highest level at 1.27642, the pair is trading now around the level of 1.27237.

Regarding to the pair Sterling against the U.S. dollar traded during the Asian session between the lowest level at 1.52357 and the highest level at 1.52897, the pair is trading now around the level of 1.52598.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session in a narrow range between the lowest level 88.015 and the highest level at 88.492 , while the pair is trading now around the level of 88.120 .

Market Expectations

EUR/USD : The pair Euro against the U.S. dollar touched yesterday the level of 50% Fibonacci at (1.27780) and then a rebounded emotion negative signal which was shown through determined indicators which may go to the target of 1.26900 then the pair will go back to continue it’s rising to the target of 1.28140.




GBP/USD : Stability of the trading above the level of 1.52400 for the pair Sterling against the U.S. dollar and close four hour candlestick above it, encourage us to save our expectation yesterday as it was, so we expect that the pair will rise today to the target of 1.53360 then to the target of 1.53860.




USD/JPY : The negative pressure on the pair was able to complete the bearish technical pattern without the need to clearly breach 88.000, Stability of the trading below MA 50 encourages us to expect the breach of the mentioned level and then pave the way towards achieving the bearish intraday direction starting at 87.050 that requires stability below 89.100.



Senior Analyst / Ali Hasan /FXCBS

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