FXstreet.com

Daily Technical Analysis

4

3

EUR: Attempt longs at 1.4020

Wed, Jul 1 2009, 06:29 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: Pity it did not manage a monthly and quarterly close above 1.4200. Until then we shall have to allow for yet more random consolidation within the recent range.

Strategy: Attempt longs at 1.4020; stop below 1.3800. Short term target 1.4135, then 1.4300/1.4339.


EUR/JPY

Comment: Yesterday’s ‘doji’ has not managed to cap prices making for very messy Technicals. Avoid Yen crosses if possible as they trade randomly sideways within this year’s broad ranges.

Strategy: Possibly attempt shorts at 135.70; stop well above 136.00. Short term target 134.00, then 133.00.


GBP

Comment: The strongest monthly close since September and a quarterly close over 20 cents above the previous one underlines how far Cable has moved in the last 12 months (high 2.0162 and low 1.3500). Unfortunately yesterday’s relatively large ‘spike high’ hints that we shall hold below that high (1.6745) for the rest of this week at least.

Strategy: Attempt small longs at 1.6420; stop below 1.6175. First target 1.6550/1.6600.


JPY

Comment: Disappointing as we rally into a relatively large Ichimoku ‘cloud’ and above moving averages. Monthly and quarterly closes are not significant meaning we shall have to allow for more messy consolidation this week.

Strategy: Attempt small shorts at 96.70; stop above 97.40. First target 96.00 then 95.00.


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

FX View - Headline unemployment rate creates dollar shocker by Interactive Brokers LLC
Fri, Nov 6 2009, 18:41 GMT

Forex Daily Overview - USD mixed, unemployment rises to 10.2% by Easy Forex
Fri, Nov 6 2009, 18:31 GMT

Weekly Market Commentary - Fed, BOE and ECB kept rates on hold by Mizuho Corporate Bank
Fri, Nov 6 2009, 15:45 GMT

Forex Daily Analysis - USDJPY is moving towards support level at 89.55 by Investija.com
Fri, Nov 6 2009, 14:35 GMT

Forex Technical Report - U.S. Markets Brace for Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:29 GMT

eurusd, eurjpy, techbanks, highlighted, gbpusd, usdchf, 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
MF Global FXA Securities Ltd.
Contact the broker/FDM
Open a demo account
CitiFX Pro
Contact the broker/FDM
Open a demo account
Alpari (UK) Limited
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.