Technical Analysis 17/05/2010 of FXCBS

Monday May 17 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded in the Asian session between the lowest price at 1.2239 which is the lowest price since 16 April 2006 and the highest price at 1.23719, the pair trading now around the level of 1.22741.

The pair Sterling against the U.S. dollar traded between the lowest price at 1.42497 which is the lowest price since 31 March 2009 and the highest price at 1.45453, the pair trading now around the level of 1.43622.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the lowest price at 91.764 and the highest price at 92.404 , the pair trading now around the level 92.081.

Market Expectations

EUR/USD : The pair of the euro against the U.S. dollar still under pressure as a result of negative sovereign debt crisis that has swept the European Union the penetration of the support level at 1.24160 today when the market open will opens the way to decline to the new target around the level of 1.21500 then the level of 1.20000, but we may see some corrective movement today to retest the penetrating support level at 1.24160 before these expectation happen.

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

GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar show a positive sings which may lead the pair to small corrective, but the general trend still down to the expected level at 1.41520 then to the level 1.40000, we are waiting a penetration to the support level at 1.42500 to achieve these expectations.

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


USD/JPY :We expect more bearish movement today for the pair U.S. dollar against the Japanese Yen to the level of 91.500, but we should monitor the support level at 91.100, determined indicators show negative signs that support our expectations.

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

Senior Analyst / Ali Hasan /FXCBS

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