Technical Analysis 16/03/2010 of FXCBS

Tuesday March 16 , 2010

Previous session overview

The euro dollar pair is consolidating between the 1.37000 levels and 1.36500 levels recording a high of 1.37009 and a low of 1.36563, having the union currency trading around 1.36642.

Regarding the pound dollar pair, it is trading between a high of 1.50709 and a low of 1.49774, having the royal currency trading around 1.49870.

Finally, the dollar extended its drop against the Japanese yen recording a low of 89.985 and a high of 90.489, while the pair is currently trading around 90.261.

Market Expectations

EUR/USD :We expect today for the euro dollar pair a downward trend starting after the penetration of support level at 1.36020 and then to the target of 1.35210.

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GBP/USD : We expect today for the sterling dollar pair to move further down to the support level at 1.49650 and if it breakthrough this level the pair will decline to the level of 1.48990, and we should take into consideration today’s economic data release.

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USD/JPY :If the pair was is not able to build a base above Moving Average 50 We think that the overall direction for trading today is bearish, where it will be insured with the breach of 89.750 and stabilize below it.

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Senior Analyst / Ali Hasan /FXCBS

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