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Daily Recommended Trades

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Daily Technical Outlook − Monday 10.06.2008

Mon, Oct 6 2008, 06:45 GMT
by E-Forex Team

E-Forex

EURUSD

The Euro has reached a fresh low after the 130 points gap at today's open. Current levels are extremely bearish for the Euro and no signs of a rebound are seen yet. The decline will probably continue towards key support levels at 1.3330 and 1.2870 (last year's low) if support into the 1.33 region won't hold. Intraday studies are bearish and resistance emerges at 1.3600 followed by 1.3670, 1.3750 and 1.3900 higher. Minor support is seen at 1.3550/60 backed by 1.3500 and 1.3450. Downside is expected to remain under pressure and potential rallies to be limited within the 1.37-1.38 region. Current quote is 1.3589 @06:40 GMT

Support levels: 1.3550/60, 1.3500 and 1.3450.
Resistance levels: 1.3600, 1.3670 and 1.3750.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

AUDUSD

Key support at .7700 has been cleared today and the next important long term support is on focus, around .7015. Minor resistance is seen at .7500 then .7550 and .7625/30. Support starts at .7440 backed by .7400 and .7350. Intraday studies are bearish. Current quote is .7489 @06:40 GMT

Support levels: .7440, .7400 and .7350.
Resistance levels: .7500, .7550, .7625/30 and .7700. 
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

EURCHF

The declines continues and the loger term support at 1.5335 is on focus. Minor support at 1.5380 stands in between. On the upside, resistance starts at 1.5525 followed by 1.5600 and 1.5650/60. Current quote is 1.5449 @06:40 GMT

Support levels: 1.5400, 1.5380 and 1.5335. 
Resistance levels: 1.5525, 1.5600 and 1.5650.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : bearish

Published on  Mon, Oct 6 2008, 06:46 GMT