Daily Recommended Trades
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Daily Technical Outlook − Wednesday 11.19.2008
Wed, Nov 19 2008, 05:11 GMT
by E-Forex Team
EURUSD
The Euro continues to consolidate into a narrow range, closing slightly lower versus the greenback on yesterday. Intraday support is seen at 1.2525 backed by 1.2420 and recent bottom at 1.2330/35. Near term resistance starts at 1.2740 followed by 1.2800 and 1.2920. The daily studies are slightly bearish and a potential break below the support at 1.2525 may encourage further weakness towards 1.2330. On the upside, a break of 1.2740 is needed to re-establish recent uptrend and aim towards the 1.3 mark. While trading near the recent bottom of 1.2330-1.2390, downside bias remains valid and potential rallies will face strong upside barriers. Current quote is 1.2623 @05:10 GMT
Support levels: 1.2600, 1.2525, 1.2420 and 1.2335.
Resistance levels: 1.2740, 1.2800 and 1.2920.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish
AUDUSD
Downside stays under pressure while the Aussie dollar trades below the first important resistance which is seen at .6690/00. Key support is formed by .6335 and a potential break will signal the downtrend resume, aiming to .6010 later. Current quote is .6435 @05:10 GMT
Support levels: .6335/40, .6200 and .6005.
Resistance levels: .6550, .6690/00 and .6790.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : slightly bearish
EURCHF
Holding above 1.5100 keeps the bias on the upside, favoring a later move to 1.5350 if resistance at 1.5230 will be cleared out. Short term studies are bullish while intradays are neutral at the time of this report. Current quote is 1.5205 @05:10 GMT
Support levels: 1.5100, 1.5000, 1.4940/50 and 1.4750.
Resistance levels: 1.5230, 1.5350 and 1.5400.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bullish
Published on Wed, Nov 19 2008, 05:13 GMT
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