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Daily Technical Analysis

EUR: Buy at 1.5490, adding to 1.5450; stop below 1.5350

Fri, May 16 2008, 07:06 GMT
by Nicole Elliott

Mizuho Corporate Bank

EUR

Comment: So dull as we remain trapped in a tiny range for five consecutive days. One could say the chart pattern of the last three weeks looks like a ‘wine glass’ and therefore the next move should be a small short squeeze. Again assuming we hold above 1.5350 we should easily get up to 1.5700, shaking the complacent.

Strategy: Buy at 1.5490, adding to 1.5450; stop below 1.5350. Short term target 1.5550, then 1.5650/1.5700.

EUR/JPY

Comment: Very slow work but yesterday’s small ‘bearish engulfing’ candle hints that we may have stalled against the 163.00 level. If not today then next week we feel prices should top and then drift back down to 159.00.

Strategy: Sell at 162.00/162.35; stop above 163.00. Short term target 161.60 then 159.00 medium term.

GBP

Comment: This currency pair appears to have come to a complete halt. We can only assume that when Cable traders wake up they will be forced to buy the pound, something they will no doubt have difficulty getting their heads around. Yesterday’s price action while dreary, has formed another small ‘spike low’. We shall continue to watch for a reversal formation on the weekly chart either this week or next, possibly the two in conjunction with each other.

Strategy: Buy at 1.9470/1.9450; stop below 1.9350. Short term target 1.9600, eventually 1.9800.

JPY

Comment: Tiny signs of stalling around 105.50 in what should be part of a larger interim topping formation. A sustained break below 104.50 later today should set off the next slow move down to 103.00, maybe 102.50.

Strategy: Sell on a bounce to 104.85/105.00; stop above 105.75. Add to shorts below 104.40 for a short term target at 104.00, eventually 102.50.

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Published on  Fri, May 16 2008, 07:22 GMT

Archive

• EUR: Attempt small longs at 1.5865, adding to 1.5810
  Published On Fri, Jul 18 2008, 06:47 GMT
• EUR: Attempt small longs at 1.5850, adding to 1.5800
  Published On Thu, Jul 17 2008, 07:07 GMT
• EUR: Attempt small longs at 1.5900, adding at 1.5850
  Published On Wed, Jul 16 2008, 07:21 GMT
• EUR: Attempt small longs on a dip to 1.5915 but only if prepared to add to 1.5850
  Published On Tue, Jul 15 2008, 06:44 GMT
• EUR: Attempt small longs at 1.5885 but only if prepared to add to 1.5800
  Published On Mon, Jul 14 2008, 06:49 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