Technical Analysis 10/02/10 of FXCBS

This is Technical analysis daily provided by specialists and analysts from FXCBS

Wednesday February 10 , 2010

Previous session overview

The euro dollar pair declined recording a low of 1.37337 and a high of 1.38067, having the union currency trading around 1.37732.

As for the pound dollar pair, it fell in the Asian session to record a low of 1.56588 and a high of 1.57242, having the royal currency trading around 1.56812.

Finally, the dollar declined against the Japanese yen after gaining yesterday and the pair recorded a low of 89.530 and a high of 90.010, while it is currently trading around 89.704.

Market Expectations

EUR/USD :
The Euro against U.S. dollar succeeded yesterday to complete its correction movement to 38.2% Fibonacci near the level 1.38500, we expect today volatility for the price to get rid of the negative sign that shows through stochastic indicator before return to rise again to achieve the corrective level of 61.8% Fibonacci .

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

GBP/USD :
The pair Sterling against U.S. dollar collided yesterday with the level 38.2% Fibonacci at the price 1.57450 , we expect today some volatility for the price before determining its trend, that is because of the important economic data which we are waiting today from the United Kingdom economic .

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

USD/JPY :
Momentum indicators show negative signs that make us maintain the previously expected bearish direction, where we await the breach of 89.570 and the 87.700. It is vital that trading remain below 90.300 so these expectations may prevail.

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

Senior Analyst / Ali Hasan /FXCBS
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