Daily Technical Analysis by FXCC 21Dec11

Daily Technical Analysis by FXCC 21Dec11

Euro vs. US Dollar (EURUSD): We prefer a downside scenario at this phase.
Since bias is bearish in nearest term targeting (1.28666). Another move back above (1.31416) could lead us to neutral zone. Shorting EURUSD is advisable for today.

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R1: 1.31316| R2: 1.32076| R3: 1.32836| R4: 1.33466| R5: 1.34226
S1: 1.30056| S2: 1.29454| S3: 1.28666| S4: 1.27906| S5: 1.27506
 
Great Britain Pound vs. US Dollar (GBPUSD): The GBPUSD still trapped in range area of (1.57108– 1.54830). A break in either direction will determine the trading bias in today`s session. Break below (1.54830) could trigger further bearish pressure targeting (1.53290), while break above (1.57108) could trigger further bullish advances testing (1.60312). We prefer to wait for break of upper or lower barrier.

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R1: 1.57420| R2: 1. 1.58247| R3: 1.59485| R4: 1.60312| R5: 1.61550
S1: 1.55724| S2: 1.54930| S3: 1.54117| S4: 1.53290| S5: 1.52052
 

US Dollar vs. Japanese Yen USDJPY (USDJPY): Overall the direction remains unclear. USDJPY might close below (77.614). If seen this will call for more declines to the (76.899) level. Further down, support is located at (76.599). Alternatively, above the (78.269) level it will to be traded to resume its medium term uptrend towards its important resistance at (79.463). We need to hold for current session.

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R1: 78.222| R2: 78.563| R3: 78.863| R4: 79.163| R5: 79.463
S1: 77.540| S2: 77.199| S3: 76.899| S4: 76.599| S5: 76.299

Source: FX Central Clearing Ltd. (FXCC)
http://www.fxcc.com/tech-analysis