FXstreet.com

Daily Technical Analysis

15

0

EUR: Attempt longs at 1.4030; stop below 1.3800

Fri, Jun 26 2009, 06:13 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: Tricky as prices remain within the 1.3800 to 1.4100 range that has held most of the time since May. We continue to feel we are preparing to break out of recent ranges, the best examples currently AUD and NZD.

Strategy: Attempt longs at 1.4030; stop below 1.3800. Short term target 1.4100, then 1.4200.


EUR/JPY

Comment: Holding above trendline support, rather better than expected though well below this year’s high. Expect more consolidation today.

Strategy: Possibly attempt small shorts at 134.60; stop above 135.50. Short term target 133.00, then 132.00.


GBP

Comment: Pushing towards the apex of the ‘triangle/pennant’ and moving averages suggest a long position. The pound is not in the slightest bit overbought and bullish momentum is among the strongest in years. A weekly close above 1.6600 is needed to take bullish momentum back up to the very strong levels of early June.

Strategy: Attempt small longs at 1.6390/1.6300; stop below 1.6080. First target 1.6500, then 1.6600.


JPY

Comment: Retreating smartly from the lower edge of the Ichimoku ‘cloud’ to form a ‘spike high’ candle against the moving averages. This has added to bearish momentum and the US dollar is not oversold. Probably not today, but maybe next week, we favour a test of the pivotal 94.00 area.

Strategy: Sell at 95.85/96.00; stop well above 96.65. First target 95.50, then 95.00 and more.

Published on  Fri, Jun 26 2009, 06:17 GMT


Archive

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

Timeframe Breakdowns - EURUSD / EURGBP / EURJPY / GBPUSD by Turtle Futures
Tue, Nov 24 2009, 09:19 GMT

London Bullion Report - Precious metals pause as concerns surface over economic recovery by The Bullion Desk
Tue, Nov 24 2009, 08:56 GMT

Daily World Market Update - Dollar's Day of Data; GDP, Consumer Confidence, Fed Minutes by World First UK Ltd
Tue, Nov 24 2009, 08:39 GMT

Today's Trading Signals by Financial Trend Analysis
Tue, Nov 24 2009, 08:37 GMT

Forex Analysis on Majors - Expecting Bullish Break in Euro by Forex Ltd
Tue, Nov 24 2009, 07:59 GMT

eurusd, eurjpy, techbanks, gbpusd, usdjpy

View All

Related content


Interested in forex trading? forex brokerage firms!


FOREX.com
Contact the broker/FDM
Open a demo account
FX Solutions LLC
Contact the broker/FDM
Open a demo account
Deutsche Bank
Contact the broker/FDM
Open a demo account		City Credit Capital (UK) Limited
Contact the broker/FDM
Open a demo account		GFT
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

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.