Daily Recommended Trades

Daily technical outlook − Monday 06.23.2008

Mon, Jun 23 2008, 06:33 GMT
by E-Forex Team

E-Forex


EURUSD

The Euro climbed higher versus the greenback on Friday, testing offers around the 61.8% retracement of the 1.5843-1.5302 move, at 1.5636. Current pullback into the 1.5580 zone may bring initial support at 1.5570 on focus and a potential break lower could extend the decline towards key intraday support into the 1.5480 region. Short term sentiment remains bullish while the Euro holds above the mid 1.54 zone and a corrective move towards 1.5510-30 seem possible. Current quote is 1.5589 @06:30 GMT

Support levels: 1.5560, 1.5535, 1.5510, 1.5480 and 1.5430
Resistance levels: 1.5600, 1.5636 and 1.5700
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

AUDUSD

The .96 zone is on focus once again and only a minor resistance at .9565 is seen between current quote of .9540 and the .96 zone. Intraday support starts at .9530 backed by .9515 and .9495. Important support is seen at .9470 formed by an upward trendline started on June 12. Intraday momentum is neutral at the time of this report and a corrective pullback to .9500 seem possible while resistance into the .9565 region is intact. Current quote is .9546 @06:30 GMT

Support levels: .9530, .9515, .9490 and .9470.
Resistance levels: .9565, .9600 and .9630-50.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Ranging conditions remain valid while resistance at 1.6220 holds. A break is needed to confirm the resume of the uptrend started at 1.6025. Important resistance follows 1.6220 at 1.6250 and may limit upside for a while. Current quote is 1.6181 @06:30 GMT

Support levels: 1.6150-60, 1.6100 and 1.6070.
Resistance levels: 1.6200, 1.6230, 1.6250-65 and 1.6300.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

Published on  Mon, Jun 23 2008, 06:35 GMT

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