Daily Recommended Trades

Daily technical outlook − Wednesday 07.16.2008

Wed, Jul 16 2008, 06:23 GMT
by E-Forex Team

E-Forex


EURUSD

The Euro has reached record highs into the 1.6040 region on yesterday but failed to hold its gains above the 1.5900 mark and the accelerated decline has got support into the 1.5860 zone in focus. The medium term and short term studies are bullish and pullbacks are likely but the Euro should maintain its bid tone against the dollar. Decent intraday support is eyed at 1.5860 then 1.5840 and 1.5820. Good support is also noticed lower, into the 1.5760 region, formed by a rising trendline. Upside is favoured while 1.5820 remains intact and a resume of the uptrend will be confirmed by breaking the previous minor resistance into the 1.5940/50 region. Current quote is 1.5920 @06:20 GMT

Support levels: 1.5900, 1.5860, 1.5840, 1.5820 and 1.5760.
Resistance levels: 1.5920, 1.5960, 1.6000/19 and 1.6038/50.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

AUDUSD

With intraday support now formed into the .97 zone at .9750 and .9715 lower, the Aussie may resume the climb by retesting the recent highs into the .9850 region. Parity remains on focus and it seem to be a matter of days until we will get there. Key support backs .9715 at .9660/65, formed by the previous resisance and also by the 50% retracement of the .9475-.9849 move. THe said support into the .9660 region should limit downside for now. Current quote is .9783 @06:20 GMT

Support levels: .9750, .9715 and .9660/65.
Resistance levels: .9800 and .9850.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Recent collapse may bring key support at 1.5995/00 on focus. Daily sentiment is bearish since the break of 1.6145 and the said level may provide a decent barrier on the upside. Intraday resistance is also noticed at 1.6080 and 1.6100. Current quote is 1.6064 @06:20 GMT

Support levels: 1.6025/30, 1.5995/00 and 1.5955.
Resistance levels: 1.6100/10, 1.6145 and 1.6235/45
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish


Published on  Wed, Jul 16 2008, 06:24 GMT

Archive

E-Forex.ro  | Magheru Blvd. , 32-34, 010337, Sect. 1, Bucharest
http://www.e-forex.ro | office@e-forex.ro

Legal disclaimer and risk disclosure

Past performance does not guarantee similar performance in the future. Our forecasts do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any foreign exchange transaction. E-Forex.ro accepts no responsibility or liability whatsoever for any expense. We do not warrant or guarantee the accuracy, timelines or completeness to the service or informations you find here.

Interested in forex trading? forex brokerage firms!


FOREX.com
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
Advanced Markets
Contact the broker/FDM
Open a demo account		Alpari (UK) Limited
Contact the broker/FDM
Open a demo account		ODL Securities Inc
Contact the broker/FDM
Open a demo account

FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)

[Read Premium full description]


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.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.

Risk Disclosure: 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 invest in 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.

©2008 "FXstreet.com. The Forex Market" All Rights Reserved.