Technical Analysis 21/05/2010 FXCBS

Friday May 21 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session between the highest level at 1.26721 and the lowest level at 1.24546, the pair trading now around the level of 1.25916.

The pair Sterling against the U.S. dollar traded during the Asian session between the highest level 1.44567 and the lowest level at 1.43272, the pair trading now around the level of 1.44268.

Finally , the pair U.S. dollar against the Japanese Yen traded during the Asian session between the highest level at 90.371 and the lowest level at 89.032 , the pair trading now around the level of 90.127

Market Expectations

EUR/USD :We expect today for the pair Euro against the U.S. dollar a decline to the level of 1.24030 then to the level of 1.23200 , these expectation require a penetration for the support level at 1.24650 and stability of trading below the resistance level at 1.27920 , determined indicators are close to saturation on the buying process .

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


GBP/USD :etermined indicators for the pair Sterling against the U.S. dollar are so close to saturation on the buying process, which may lead the pair to decline to the level of 1.43530 then to the target of 1.42900, stability of trading below the level of 1.45000 necessary to achieve these expectations.

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

USD/JPY :We are waiting a retest of broken support that has currently turned into resistance at 91.050, followed by resuming the bearish trend for today; key targets are 89.750 then 88.450.

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


Senior Analyst / Ali Hasan /FXCBS

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