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Euro: Huge sell off in USD after the FED announced the US$1trn quantitative easing plan

Fri, Mar 20 2009, 05:46 GMT
by Per-Erik Karlsson

Avantage Financial GMBH

Euro

Huge sell off in USD after the FED announced the US$1trn quantitative easing plan. According to Bloomberg the USD suffered its biggest daily loss vs. the Euro since the G7 intervention in 2000.
Looks like a solid break out and the next key resistance level is 1.3798, the 8th of Feb 09 high. Also have the falling resistance from the all time high through the December 2008 high coming in at 1.3978 today. Bullish momentum intact above 1.3385 today.

Support: 1.3385 (break out level)

Resistance: 1.3798 (8th of January 09 high), 1.3978 (falling resistance from all time high)

240 min – Bullish above 1.3385 today.

Cable

Broke that falling resistance at 1.4140 yesterday, next target is the reaction high from 23rd of February coming in at 1.4660. Bullish momentum intact above that underlying support at 1.4000.

Support: 1.4012 (underlying support), 1.3653 (March 2009 low), 1.3501 (2008 low)

Resistance: 1.4443 (falling resistance), 1.4660 (23rd Feb high), 1.4838 (falling resistance from July 2008), 1.4985 (Feb. 2009 high) 1.5372 (2009 high)

120 min – Bullish above 1.4012 underlying support today.

USDCHF

Trading inside a rising trend channel over the last 27 days and finally closed outside of the trend channel yesterday. This break out to the downside opens up for a potential test of the 1.09 level.
Also pay attention to the 200 day moving average that has provided support a few times in the past, coming in at 1.1192 today. As mentioned throughout last week I favored a break to the down side as long as that falling resistance from the 2008 high held and indeed that stayed in intact until the break out came yesterday.

Support: 1.1192 (200 day moving average), 1.0748 (rising support)

Resistance: 1.1457 (former underlying support, now resistance), 1.1915 (falling res. from Oct. 08 high), 1.2052 (overhead resistance),

USDJPY

Never made it above that 100 level before it broke lower. The focus is now on support around the 100 day moving average coming in at 93.54 and that rising support, form the 2009 low, coming in at 93.90.

Support: 93.90 (100 day moving average), 93.54 (rising support from 09 low), 87.09 (Dec. 08 low)

Resistance: 100.54 (November 2008 high)

EURJPY

Still looking for a test of the 131 level, the December 08 high. Bullish momentum intact above the interim rising support, coming in at 127.19 today.

Support: 127.19(interim rising support), 120.85 (former overhead resistance), 117.88 (Friday low), 115.61 (rising support)

Resistance: 131.09 (December 08 high)

USDCAD

The close below the risings support at 1.2550 yesterday confirmed that the break above 1.3000 last week was a false break. Next downside target is now 1.2020, the last reaction low

Support: 1.2020 (last reaction low), 1.1759 (2009 low), 1.1685 (rising support), 1.1460 (break out level)

Resistance: 1.3063 (2009 high)

EURGBP

The break above 0.9079 (Feb high) Monday last week brought an end to the recent downtrend, now targets the January 26 2009 high of 0.9517. Key support remains the 0.8630 level.

Support: 0.8870 (rising support), 0.8630 (2009 low)

Resistance: 0.9517 (Jan 26 2009 high)

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Published on  Fri, Mar 20 2009, 06:22 GMT