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Daily Recommended Trades

Daily Technical Outlook − Monday 11.24.2008

Mon, Nov 24 2008, 07:39 GMT
by E-Forex Team

InnerFX  |  View company's profile


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EURUSD

The Euro trades on the upside, pushing towards the resistance at 1.2700 which is followed by 1.2825 and 1.2925 higher. Daily sentiment is slightly bullish but has to be confirmed by a sustained break of resistance at 1.2810/25. Support is seen at 1.2575 backed by 1.2500 and 1.2420. Hourly studies are bullish at the time of this report and will remain so while holding above 1.2575. Below 1.2575 should resume downtrend. Current quote is 1.2626 @07:35 GMT

Support levels: 1.2575, 1.2500 and 1.2420/25.
Resistance levels: 1.2700, 1.2810/25 and 1.2925.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bullish

AUDUSD

The Aussie dollar recovered some lost ground on Friday but the short term momentum remains bearish. Resistance is emerging at .6320 followed by .6425 and .6510 while support is seen at .6190, .6075 and .6005. Potential rallies are expected to be sold while trading below the .6600 mark, level which may confirm the beginning of an uptrend if breached. Current quote is .6265 @07:35 GMT

Support levels: .6190, .6075 and .6005.
Resistance levels: .6320, .6425 and .6510.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

EURCHF

Resistance on the 1.5400 handle is on focus and uptrend is intact. A sustained break of 1.5400 will open 1.5550, which will probably limit the upside for now. Intraday support is now seen at 1.5335 backed by 1.5220/30, 1.5170 and 1.5100. Current quote is 1.5374 @07:35 GMT

Support levels: 1.5335, 1.5220/30, 1.5170 and 1.5100.
Resistance levels: 1.5400, 1.5550 and 1.5620.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bullish

Published on  Mon, Nov 24 2008, 07:40 GMT


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