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Daily Recommended Trades

Daily Technical Outlook − Monday 03.02.2009

Mon, Mar 2 2009, 07:19 GMT
by E-Forex Team

InnerFX  |  View company's profile


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EURUSD

The Euro shows a negative bias as it failed to hold above 1.2660/70 support on Friday. Support is emerging at 1.2515 backed by 1.2400/15 and 1.2330. Upside barriers are seen at 1.2680, 1.2800 and 1.2900. Daily momentum is bearish and a break above 1.2900 is needed to confirm a transition towards the upside. Intra-day studies are neutral at the time of this writing, but a climb towards the 1.2680/1.2700 seem possible, in order to fill the 80 points gap formed over the weekend. Current quote is 1.2598 @07:15 GMT

Support levels: 1.2515, 1.2400/15 and 1.2330.
Resistance levels: 1.2680/00, 1.2800 and 1.2900.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

AUDUSD

The Aussie Dollar currently recovers after reaching intra-day lows at .6295 but the downside is likely to stay under pressure. Daily momentum is bearish and potential rallies may be limited by resistance levels at .6390 which is being tested at the time of this writing, followed by .6450 and .6550. On the lower zone, support is seen at .6330 backed by .6280 and .6245. A potential break below .6245 may open .6070. Current quote is .6378 @07:16 GMT

Support levels: .6330, .6280 and .6245.
Resistance levels: .6390, .6450 and .6550.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

EURCHF

Support on the 1.4800 handle couldn't hold and the break favors further losses towards the mid 1.46 region. Daily sentiment is bearish while the intra-day studies are neutral at the time of this writing. Resistance starts at 1.4800 followed by 1.4875 and the more important barrier at 1.4930. A break above 1.4930 is needed to resume uptrend. Current quote is 1.4772 @07:15 GMT

Support levels: 1.4750/60, 1.4700 and 1.4650.
Resistance levels: 1.4800, 1.4875 and 1.4930.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish

Published on  Mon, Mar 2 2009, 07:21 GMT


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InnerFX and/or its author(s) shall not be responsible for any loss arising from any investment or trading decision based on any recommendation, forecast, strategy or other information herein contained. The contents of this article should not be construed as an express or implied promise, guarantee or implication by InnerFX and/or its author(s) that readers and subscribers will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations / strategy in an analysis, especially leveraged investments such as Foreign Exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated. Trading in the Currency Exchange market is a challenging opportunity where above average returns are available to educated and experienced investors who are willing to take above average risk. Past performance does not guarantee similar performance in the future. Check http://www.innerfx.com/disclaimer for full disclaimer. You may not post this (or part of this) article to forums, newsgroups, mailing lists, electronic bulletin boards, websites, or other services, without the prior written consent of InnerFX.
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