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Daily Recommended Trades

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Daily technical Outlook − Wednesday 10.01.2008

Wed, Oct 1 2008, 06:38 GMT
by E-Forex Team

E-Forex

EURUSD

The Euro continues to press lower testing bids at 1.4010 on yesterday. The downside remains on focus as the daily studies are bearish and a resume of the decline may extend losses towards recent low at 1.3880 which is a key medium term support barrier. Minor support is seen at 1.4000/10 and 1.3950. On the upside, resistance starts at 1.4160 followed by 1.4215/25 and 1.4300. Potential retracements are expected to be sold therefore the upside will most likely be limited by the resistance levels into the 1.42-1.43 region. Current quote is 1.4132 @06:35 GMT

Support levels: 1.4075, 1.4010, 1.3950 and 1.3885
Resistance levels: 1.4160, 1.4215/25 and 1.4300.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : bearish

Yesterday recommended trade: stand aside

AUDUSD

The Aussie dollar maintains its heavy tone while the minor retracements on the upside are seen as selling opportunities. Resistance is formed by the .8000 mark followed by .8100 and .8200. On the other side, support starts at .7915 backed by .7800. The short term studies are bearish while the hourlies are slightly bullish at the time of this writing. Current quote is .7982 @06:35 GMT

Support levels: .7915 and .7800.
Resistance levels: .8000, .8050, .8100 and .8200.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

Yesterday recommended trade: small short at .8100, initial stop at .8140, objective at .8050. Adjust stop to breakeven on +30 pips (at .8070) if reached : 0 (entry not reached / missed by 4 pips)

EURCHF

Yesterday's retracement is not over yet as the support at 1.5750 remains valid. Below the said support will confirm the resume of the downtrend. The daily studies are bearish. On the upside, resistance starts at 1.5810 followed by 1.5850/60 and 1.5900. Current quote is 1.5775 @06:35 GMT

Support levels: 1.5750, 1.5700 and 1.5660. 
Resistance levels: 1.5810, 1.5850 and 1.5900.
Market sentiment: long-term : bullish, mid-term : neutral, short-term : bearish

Yesterday recommended trade: small short at 1.5810, initial stop at 1.5850, objective at 1.5760. Adjust stop to breakeven on +30 pips (at 1.5780) if reached : +50 pips

Published on  Wed, Oct 1 2008, 06:39 GMT