Daily Technical Analysis
28
0
EUR: Possibly attempt tiny longs at 1.2500; stop below 1.2300
Fri, Nov 21 2008, 07:40 GMT
by Nicole Elliott
EUR
Comment: Very strange price action, so subdued compared to what is happening in other markets, almost as if an invisible hand was propping up the base. Surely we cannot hold inside this rather nasty ‘triangle’ for how much longer, and remember this currency pair may be subject to ‘false breaks’. Therefore implied volatility should remain high.
Strategy: Possibly attempt tiny longs at 1.2500; stop below 1.2300. First target 1.2700, then 1.2800.
EUR/JPY
Comment: Dipping to a new recent low but above October’s low at 113.62. CHF/JPY, GBP/JPY, KRW/JPY and IDR/JPY have dipped below their equivalent October lows, as have some equity indices. We feel there is more downside to come over the next five or ten days.
Strategy: Attempt shorts at 119.00, adding to 120.00; stop well above 122.00. First target 117.00 then today’s low at 116.45 and 115.50 where consolidation is likely.
GBP
Comment: Clinging precariously above Thursday’s low at 1.4560 within the downward-sloping ‘wedge’ formation. Extreme caution is warranted as one-month at-the-money implied volatility is still very high and the chance of a ‘false break’ or some other surprising move is high.
Strategy: Attempt tiny longs at 1.4850; stop below 1.4500. First target 1.5000 then 1.5200.
JPY
Comment: Dipping to a new recent low at 93.53, but ahead of October’s low at 90.90, and expect more very nervous trading today. Unwinding of the ‘carry trade’ is not over yet and crumbs of hope in any industry or market will be seized by the desperate and cause unwarrantedly large bounces because of the collapse of the last three months. One-month at-the-money implied volatility should remain high and may even increase towards month-end.
Strategy: Sell at 95.00, adding to 96.00; stop well above 96.25. First target 94.00, then 93.00, maybe 92.50/92.00.
Download Full EUR Technical Analysis
Published on Fri, Nov 21 2008, 07:45 GMT
Archive
- EUR: Attempt longs at 1.4000
Published On Fri, Jul 3 2009, 06:29 GMT - EUR: Attempt longs at 1.4115
Published On Thu, Jul 2 2009, 06:17 GMT - EUR: Attempt longs at 1.4020
Published On Wed, Jul 1 2009, 06:29 GMT - EUR: Attempt longs at 1.4100, adding to 1.4000
Published On Tue, Jun 30 2009, 06:18 GMT - EUR: Attempt longs at 1.4005; stop below 1.3800
Published On Mon, Jun 29 2009, 06:32 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.Related reports
Weekly Focus - Is it strong enough? by Danske Bank A/S
Fri, Jul 3 2009, 15:00 GMT
Weekly Market Commentary - Libor and Official Interest rates are at their narrowest by Mizuho Corporate Bank
Fri, Jul 3 2009, 14:33 GMT
Weekly Commodity Update - Risk appetite heading for the exit by Saxo Bank
Fri, Jul 3 2009, 13:28 GMT
New Europe Weekly - Balkan politics - uncertainty on the rise by Danske Bank A/S
Fri, Jul 3 2009, 13:25 GMT
London Gold Market Report by BullionVault.com
Fri, Jul 3 2009, 13:24 GMT
eurusd, highlighted, gbpusd, usdchf, usdjpy
View AllRelated content
European Markets mixed, EUR rises and GBP lower
FXstreet.com | Fri, Jul 3 2009, 14:38 GMT
Forex: EUR/USD rebounds at 1.3980, back above 1.4000
FXstreet.com | Fri, Jul 3 2009, 11:46 GMT
CURRENCIES: Dollar Edges Higher In Thin Trade Ahead Of Holiday
Dow Jones | Fri, Jul 3 2009, 11:46 GMT
Forex: GBP/USD falls further to test 1.6300
FXstreet.com | Fri, Jul 3 2009, 11:20 GMT
2nd UPDATE: UK Service Sector Grows, End Of Recession Nears
Dow Jones | Fri, Jul 3 2009, 10:15 GMT
eurusd, highlighted, gbpusd, usdchf, usdjpy
View All
Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.