Technical Analysis 24/11/2010 FXCBS

Wednesday November 24 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the lowest level at 1.33590 and the highest level at 1.34184, the pair trading now around the level of 1.33843.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the lowest level at 1.57637 and the highest level at 1.58368, the pair trading now around the level of 1.58228.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 83.108 and the highest level at 83.357 , the pair trading now around the level of 83.137.

Market Expectations

EUR/USD : The pair Euro against the U.S. dollar breach critical support and specifically 1.34520, which has turned into resistance level now, the downside channel currently controls trading which may lead the pair to the target of 1.32500, but we could also see saturation in the selling process which may lead the pair to rise up to the level 1.35150, so we advice to take car during the trade today.

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GBP/USD : Momentum indicators for the pair Sterling against the U.S. dollar are currently giving positive sign which may lead the pair to make a correction movement to the level of 1.59310; these expectations require stability of the trading above the level 1.57600.

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USD/JPY :The 50 MA supports the pair U.S. dollar against Japanese Yen from below so we expect a bullish intraday direction targeting 84.200, stability of the trading above the level of 82.800 necessary to achieve these expectations.

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