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EURUSD daily outlook − Friday 04.04.2008
Fri, Apr 4 2008, 06:31 GMT
by Liviu Flesar
The Euro declined on yesterday reaching lows at 1.5510 but then recovered during the US session and erased all its losses, closing into the 1.5670 area. Strong intra-day barrier is formed by 1.5700 so far and a break higher into the second half of the 1.57 area is needed to confirm a resume of the uptrend on a short-term basis. Such break higher would point our attention at 1.58 and above as there may occur some new tests. Support is currently seen at 1.5635 backed by 1.5595 then 1.5550 and 1.5510. Resistance starts at 1.5700 followed by 1.5713 and 1.5725 then 1.5785 and 1.5840. The NFP data release today will most likely add some more fuel to the already extreme volatile markets. So while the Euro holds above the 1.5595 mark, the downside looks pretty safe and the bearish structure will be canceled once the Euro breaks higher out of this range of 1.5510-1.5700. On the other side, below 1.5595 would put yesterday's low on focus and some trendline support levels into the 1.5490 zone may be targeted. Current quote is 1.5662 @06:24 GMT
Support levels: 1.5635, 1.5595, 1.5550, 1.5510 and1.5470
Resistance levels: 1.5700, 1.5713, 1.5725, 1.5785 and 1.5840
Market sentiment: long-term : bullish, mid-term : bullish, short-term : neutral
Published on Fri, Apr 4 2008, 06:32 GMT
Archive
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Published On Thu, Jan 8 2009, 07:22 GMT - Daily Technical Outlook - Wednesday 01.07.2008
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