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Daily Technical Analysis
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EUR: Buy at 1.4880, adding to 1.4815; stop below 1.4600
Fri, Aug 22 2008, 06:25 GMT
by Nicole Elliott
EUR
Comment: Bouncing, here and in most other major currencies. Stalling at the 9-day moving average today, so allow for some consolidation under here this morning. A weekly close above 1.5000 would be very bullish indeed. The Euro is still oversold and momentum is still very bearish.
Strategy: Buy at 1.4880, adding to 1.4815; stop below 1.4600. Short term target 1.4900 and then 1.5000.
EUR/JPY
Comment: Bouncing suddenly after giving back 50% of the ally from March to July. Prices should hold above 160.00 today, although a weekly close below 161.40 might add to bearish pressure next week, as it should if we hold below 162.65 today. Late this month we continue to expect a drop to 158.00, and further out a slide to 152.00. Below here and the long term picture gets seriously interesting.
Strategy: Sell at 162.00/162.20; stop above 163.35. Short term target 161.00/160.45, then 158.00.
GBP
Comment: Just like the Euro, bouncing suddenly to the 9-day moving average. Expect consolidation under here this morning, and where a weekly close above 1.9000 would add considerable bullish pressure.
Strategy: Buy at 1.8760, adding to 1.8600; stop below 1.8500. Short term target 1.8800, then 1.9000/1.9050.
JPY
Comment: A daily close well below the lower edge of an upward-sloping ‘wedge’ formation and among the lowest this month. A weekly close below last week’s low at 108.35 might add a little bearish pressure, and note that the US dollar is no longer overbought. Currently holding above the 26-day moving average at 108.32 so expect some consolidation above here this morning, downside pressure increasing if we hold below 109.50.
Strategy: Sell at 108.90, adding to 109.40; stop above 110.00. Short term target 108.35/108.00, then 107.25.
Download Full EUR Technical Analysis
Published on Fri, Aug 22 2008, 06:32 GMT
Archive
- EUR: Possibly attempt small longs at 1.2675; stop below 1.2500
Published On Mon, Dec 1 2008, 07:35 GMT - EUR: Strategy remains unchanged: attempt longs at 1.2925, adding to 1.2800; stop below 1.2650
Published On Fri, Nov 28 2008, 07:18 GMT - EUR: Attempt longs at 1.2925, adding to 1.2800; stop below 1.2650
Published On Thu, Nov 27 2008, 07:28 GMT - EUR: Attempt longs at 1.2975, adding to 1.2800; stop below 1.2650
Published On Wed, Nov 26 2008, 07:40 GMT - EUR: Attempt longs on a drop to 1.2700, adding to 1.2600; stop below 1.2400
Published On Tue, Nov 25 2008, 07:50 GMT
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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