Daily Technical Analysis
3
1
EUR: Buy at 1.3540; stop well below 1.3500
Tue, Jan 6 2009, 07:43 GMT
by Nicole Elliott
EUR
Comment: Retracing 50% of December’s rally holding on the top of a very large weekly Ichimoku ‘cloud’. The move is seen as an A, B, C-type correction where C=A, currently trading at the 26-day moving average and the lagging Span also has support from the ‘cloud’. Therefore we expect the Euro to base around current levels today and rally towards 1.4100 by the end of the week.
Strategy: Buy at 1.3540; stop well below 1.3500. First target 1.3800, then 1.4000.
EUR/JPY
Comment: Very boring and rather messy. This Yen cross is working in the middle of a very large Ichimoku ‘cloud’ and below first retracement resistance. This may cap again today suggesting a drift down to the 26-day average at 123.45.
Strategy: Attempt shorts at 125.80, adding to 128.50; stop above 129.75. First target 125.45, then 123.45.
GBP
Comment: Mercifully quiet as Sterling losses take a breather. Cable is still consolidating at current levels, trying to base in a downward-sloping ‘wedge’ formation. Expect more of the same this week.
Strategy: Attempt small longs at 1.4590; stop below 1.4300. First target 1.4800, then 1.5035.
JPY
Comment: Retracing almost 50% of the previous decline after breaking above immediate trendline resistance. The 9 and 26-day moving averages have turned positive suggesting that another cautious squeeze higher towards 95.00 which is possible. This is seen as a selling opportunity for declines later this quarter.
Strategy: Attempt small shorts at 93.00; stop well above 93.60. First target 92.00, then 91.00.
Download Full EUR Technical Analysis
Published on Tue, Jan 6 2009, 07:54 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 Market Commentary - Libor and Official Interest rates are at their narrowest by Mizuho Corporate Bank
Fri, Jul 3 2009, 14:33 GMT
European Market Update - Spain June Services PMI: 41.2 v 39.1 prior by TradeTheNews.com
Fri, Jul 3 2009, 12:32 GMT
Daily Market Report - Risk aversion was the main theme of yesterday's trading session by Wachovia
Fri, Jul 3 2009, 12:25 GMT
FX Thoughts for the Day by Kshitij Consultancy Service
Fri, Jul 3 2009, 12:23 GMT
Asia Market Update - Most Asian equities indices track the US session declines as nonfarm payrolls data disappoints by TradeTheNews.com
Fri, Jul 3 2009, 11:55 GMT
eurusd, eurjpy, jpyusd, gbpusd
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, eurjpy, jpyusd, gbpusd
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.