Search
Daily Technical Analysis
0
0
EUR: Possibly attempt tiny longs at 1.4570; stop below 1.4525
Tue, Sep 2 2008, 06:40 GMT
by Nicole Elliott
EUR
Comment: Dipping to a new recent low at 1.4556, just below retracement support, working in an unstable downward-sloping ‘wedge’ formation. One-month at-the-money implied volatility is on its way up again and the Euro is very oversold. We continue to watch warily for signs of basing this week, the deeper we drop initially the sharper the reversal later on.
Strategy: Possibly attempt tiny longs at 1.4570; stop below 1.4525. Short term target 1.4700, then 1.4800.
EUR/JPY
Comment: Dropping like a stone towards March’s low. The Euro is very oversold and bearish momentum very strong. Yen crosses should push each other lower and lower, like dominoes. One-month at-the-money implied volatility should move higher, probably sharply so on a break below 154.00. For this morning expect cautious consolidation above 157.00 with rallies to 160.00 seen as selling opportunities for further big declines this month.
Strategy: Sell at 157.50, adding to 159.00; stop above 160.25. Short term target 157.00, then 156.00.
GBP
Comment: Tumbling in the biggest monthly collapse since 1992 and the UK government helps it trade lower. Cable is more oversold than it has been since 1992 and on the Bank of England’s Trade Weighted basis weaker than it has been since November 1996. This is obviously unsustainable but with the complete lack of support from the authorities who only knows where this chaos will end up. Stand aside if possible and don’t believe everything you hear.
Strategy: Possibly attempt the tiniest of longs at 1.7890; stop below 1.7800. Short term target 1.8000, then 1.8200.
JPY
Comment: Hovering on retracement support and yesterday’s close at 108.07 is probably just enough to complete a small ‘head-and-shoulders’ top. Over the coming week we expect a drop to 106.50 with Yen crosses moving steadily lower too.
Strategy: Sell at 108.00, adding to 108.55; stop well above 108.75. Short term target 107.25, then 106.50.
Download Full EUR Technical Analysis
Published on Tue, Sep 2 2008, 06:52 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
Legal disclaimer and risk disclosure
The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.Interested in forex trading? forex brokerage firms!
  Contact the broker/FDM Open a demo account  |  Contact the broker/FDM Open a demo account |  Contact the broker/FDM |  Contact the broker/FDM Open a demo account |  Contact the broker/FDM Open a demo account |
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.