FXstreet.com

Technical Analysis: Currencies

This report has been deactivated

9

0

EUR/GBP

Thu, Oct 29 2009, 13:17 GMT
by Nicole Elliott

Mizuho Corporate Bank


Comment: Very big intra-day moves have formed a large ‘head-and-shoulders’ top in Euro/sterling, completed yesterday with a close below the ‘neckline’. This adds weight to our view that an interim high has probably formed and that we shall hold below here at least until the end of this year. However, while above 0.8400 which is two standard deviations from the equivalent long term mean at 0.7135, the danger is that EUR/GBP may re-test the all-time high (and weakest ever for sterling) at 0.9805. For the next couple of months we favour random, fairly sharp swings, between 0.9200 and 0.8600 (the measured target from the pattern, maybe 0.8400 (1.6 times size of ‘head’).

A weekly close above 0.9300 would probably set off another concerted upside push.


Archive

  • GBP/NOK
    Published On Thu, Oct 29 2009, 13:18 GMT
  • EUR/GBP
    Published On Thu, Oct 29 2009, 13:17 GMT
  • GBP/JPY
    Published On Tue, Oct 27 2009, 15:26 GMT
  • EUR/GBP
    Published On Thu, Oct 22 2009, 12:45 GMT
  • NOK/SEK
    Published On Tue, Oct 13 2009, 10:26 GMT
  • [ View All ]

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

Market Session Recaps - London Session by FOREX.com
Fri, Nov 20 2009, 11:37 GMT

The Commodities Report - Gold hovers near its record levels by KBC Bank
Fri, Nov 20 2009, 09:58 GMT

Technical analysis: EuroDollar Futures - Eurodollar Future – March 2010 by Mizuho Corporate Bank
Fri, Nov 20 2009, 09:02 GMT

Sunrise Market Commentary: Currencies - FX: EUR/USD resists stock market correction rather well by KBC Bank
Fri, Nov 20 2009, 08:52 GMT

Today's Trading Signals by Financial Trend Analysis
Fri, Nov 20 2009, 08:45 GMT

techbanks, eurgbp

View All

Related content

EUR/GBP higher as cable struggles to maintain gains
Forex Live | Mon, Nov 23 2009, 03:29 GMT

Forex: EUR/GBP trades at the highest level in a week
FXstreet.com | Fri, Nov 20 2009, 19:20 GMT

European Morning Wrap Up; USD, JPY firm
Forex Live | Fri, Nov 20 2009, 11:59 GMT

Forex: EUR/USD: Recovery from 1.4845 low, capped at 1.4935
FXstreet.com | Fri, Nov 20 2009, 07:23 GMT

Forex: The Euro rises against the GBP and CHF
FXstreet.com | Thu, Nov 19 2009, 15:31 GMT

techbanks, eurgbp

View All

Interested in forex trading? forex brokerage firms!


FX Solutions LLC
Contact the broker/FDM
Open a demo account
FOREX.com
Contact the broker/FDM
Open a demo account
Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account
GFT
Contact the broker/FDM
Open a demo account
Deutsche Bank
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.