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Foreing Exchange

Only a break below 1.2840 would relieve the bullish pressureA break above 1.2980 could send the Euro well above the 1.30

Fri, Nov 24 2006, 15:19 GMT
by Per-Erik Karlsson

Avantage Financial GMBH  |  View company's profile


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Euro

Support/Resistance

Res 3       1.3124

Res 2       1.3000

Res 1       1.2980

Sup1       1.2928

Sup2       1.2901

Sup1       1.2840

Indicators/momentum

EMA'S    1 Hour    Bullish

                15 min    Bullish

                5 min    Bullish

Key resistance today; 1.3000

Key support today; 1.2901

Favoured strategy today:  Longs above 1.2901

Comment:

Bullish above 1.2901 today and the next key point to watch is this year's high at 1.2980. A break above 1.2980 could send the Euro well above the 1.30 in the near term and the next stop on a break above 1.30 would be 1.3124 resistance. Only a break below 1.2840 would relieve the bullish pressure.

In order to read more about: Cable, Swissy, Yen, EUR/JPY, EUR/GBP, CAD; download de PDF bellow.

Major events today

09:30 UK GDP (Q3 P)

US Bond market closing early

Rainer's Astrological Column

Jupiter has moved into saggitarius this morning. Now 4 of 10 planets are within 10 degrees, which is rare constellation and that is creating quiet a push. Cable and Euro pushed through years high. We expect that to continue for today, but it will slow down towards the evening.



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