Daily Recommended Trades

Daily technical outlook − Thursay 07.17.2008

Thu, Jul 17 2008, 06:44 GMT
by E-Forex Team

E-Forex


EURUSD

The dollar recovered some ground on yesterday, putting pressure on the 1.5800 support level which limited the downside for now. The fast decline after reaching the new record high at 1.6038 suggests that a top has been formed for now and more downside is likely since key support into the 1.5860 zone has been broken. Resistance is now formed at 1.5865 followed by 1.5890 and 1.5940. On the downside, interim support is formed at 1.5800 followed by key stronger support at 1.5740/50. Above 1.5860 may resume uptrend but only a full breach of 1.5890 will confirm the uptrend. Current quote is 1.5837 @06:40 GMT

Support levels: 1.5800, 1.5740/50 and 1.5680.
Resistance levels: 1.5865, 1.5890 and 1.5940.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bullish

AUDUSD

The Aussie holds its gains despite the recent USD recovery across the board, being well supported by intraday support at .9730. Support backs .9730 at .9665 and .9640/50. Resistance is formed at .9800 and .9850. Daily sentiment is bullish. Current quote is .9761 @06:40 GMT

Support levels: .9730, .9700 and .9660/65.
Resistance levels: .9800 and .9850.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Key resistance at 1.6145 comes closer today followed by 1.6175 and 1.6215. Short term studies are bearish while the said resistance levels remain intact, intraday studies being bullish at the time of this report. Current quote is 1.6113 @06:40 GMT

Support levels: 1.6080, 1.6050, 1.5995/00 and 1.5955.
Resistance levels: 1.6145, 1.6175 and 1.6210/15.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish

Published on  Thu, Jul 17 2008, 06:45 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!


Interbank FX, LLC
Contact the broker/FDM
Open a demo account
FOREX.com
Contact the broker/FDM
Open a demo account
Ingot Brokers
Contact the broker/FDM
Open a demo account		Capital Market Services, L.L.C.
Contact the broker/FDM
Open a demo account		Forex Club Financial Company
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.