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Majors narrow trading…

Fri, Nov 6 2009, 19:32 GMT
by ecPulse.com analysis team

ecPulse.com


So far, the major pairs is narrow trading after that the dollar appeal as a refuge was boosted slightly throughout the currencies market in the previous EU session after that the US Jobs report came out gloomy and worse than forecasted, having the jobless rate of the country climbing to the highest in 26 years to 10.2%, which forecasts that the Fed will keep the interest rates low for a long extended period.

As a result, the euro-dollar is narrow-trading so far due to technical movements and is forecasted to plunge according to the four-hour stochastic oscillator, having the Union currency trading so far at 1.4832 recording 1.4913 and a low of 1.4811 with a resistance at 1.4900 and a support at 1.4777.

As for the pound-dollar pair, it is consolidating on the four-hour and the one-hour charts, having the royal pound trading at 1.6604 recording a high of 1.6634 and a low of 1.6516 with a resistance at 1.6656 and a support at 1.6542, knowing that the pair a strong tendency to slide to the downside according to the one-hour momentum indicators.

Furthermore, the dollar-yen pair may rise to the upside according to the four-hour momentum indicators and is narrow trading so far between a resistance level witnessed at 90.18 and a support level supported around 89.42, having the low-yielding Japanese currency trading so far at 89.85 recording a high of 90.85 and a low of 89.60.

Published on  Fri, Nov 6 2009, 19:32 GMT


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