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Daily Technical Analysis
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EUR: Attempt longs at 1.3415
Mon, Jan 12 2009, 07:37 GMT
by Nicole Elliott
EUR
Comment: Slightly disappointing that we ended the week at the lower end of its range. For today prices will hopefully base again around the 1.3400 area setting up for a rally back up to 1.3800. The Euro is expected to underperform other European currencies again this week.
Strategy: Attempt longs at 1.3415; stop below 1.3300. Add to longs above 1.3500 for 1.3800.
EUR/JPY
Comment: Dropping as expected and now trading below a very large Ichimoku ‘cloud’, which will probably see it drift to trendline support this week.
Strategy: Attempt shorts at 121.00, but be prepared to add to 124.00; stop above 124.55. First target 119.00, maybe 118.00.
GBP
Comment: Hovering at the top of the formation that has dominated since October and getting little help from other major currencies. It should attempt an important break higher this month, despite a series of formidable resistance levels, with a break above 1.6000 probably setting off considerable short-covering.
Strategy: Buy at 1.5070; stop below 1.4800. Add to longs on a sustained break above 1.5400 for 1.5500 and then December’s high at 1.5725.
JPY
Comment: A fairly impressive reversal candle on the weekly chart against the 9-week moving average and Fibonacci retracement. This suggests we have established this month’s high, maybe the high for Q1 2009. We are now consolidating very neatly at 90.00 and the US dollar is not oversold. Over the week we expect a drop to 89.00, maybe 88.00, where more consolidation is likely.
Strategy: Attempt shorts at 90.10 but only if prepared to add to 91.00; stop above 91.70. First target 89.75/89.55 then 88.00.
Download Full EUR Technical Analysis
Published on Mon, Jan 12 2009, 07:44 GMT
Archive
- GBP: Attempt small longs at 1.6560; stop below 1.6400
Published On Tue, Nov 24 2009, 07:10 GMT - EUR: Attempt longs at 1.4930; stop below 1.4800
Published On Mon, Nov 23 2009, 07:13 GMT - EUR: Attempt small longs at 1.4915; stop below 1.4800
Published On Fri, Nov 20 2009, 07:30 GMT - EUR: Attempt small longs at 1.4915; stop below 1.4800
Published On Thu, Nov 19 2009, 07:40 GMT - EUR: Attempt small longs at 1.4900; stop below 1.4800
Published On Wed, Nov 18 2009, 07:26 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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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
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