Daily Technical Analysis

EUR: Attempt longs at 1.5450; stop below 1.5350

Wed, May 14 2008, 06:58 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: Assuming we hold above 1.5350 for the rest of this week short-covering could easily take us up to 1.5700 over the next few days and would probably shake the complacent.

Strategy: Attempt longs at 1.5450; stop below 1.5350. Short term target 1.5550, then 1.5650/1.5700.


EUR/JPY

Comment: Nothing to add: watch for stalling against the 162.00 area this morning. If not today then later this week prices should drift back down to 159.00.

Strategy: Sell at 162.10; stop above 162.50. Short term target 160.50 then 158.35 medium term.


GBP

Comment: Very disappointing and we shall have to allow for more downside probing this morning.

Strategy: Attempt tiny longs at 1.9450; stop well below 1.9400. Short term target 1.9600, eventually 1.9800.


JPY

Comment: Rallying a little more than expected yesterday in what is seen as part of a larger interim topping formation. The move should fizzle out late this morning and then we should drift slowly lower.

Strategy: Sell at 104.85; stop well above 105.05. Short term target 103.50, eventually 101.50.

Published on  Wed, May 14 2008, 07:03 GMT

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Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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