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Daily Recommended Trades

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Daily Technical Outlook

Mon, Jun 29 2009, 06:06 GMT
by E-Forex Team

InnerFX

EURUSD

The upside has been limited by a falling trend-line around 1.4115 - extended from 1.4265 on June 5th though last week's top at 1.4140. Current pullback may extend towards the support into the 1.3920 region - formed by an upward trend-line started at 1.3750 extended through last week's lows. Short-term sentiment is positive and shouldn't be affected by potential pullbacks to as low as 1.3890/1.3920. Intra-day momentum is bearish at the time of this writing and a breach above 1.4070 is needed to signal a resume of the uptrend and focus back on the 1.4110/15 resistance. Current quote is 1.4005 @06:05 GMT

Support levels: 1.4000, 1.3950, 1.3900, 1.3830 and 1.3750/75
Resistance levels: 1.4070, 1.4110/15, 1.4140 and 1.4175/80
Market sentiment: long-term : bearish, mid-term : bullish, short-term : slightly bullish

AUDUSD

The Aussie dollar has been rejected on Friday's attempt to close above the .8100 handle. Current bearish objective resides at .7930. Below that, extended losses may eye last week's bottom at .7790. Intra-day sentiment is negative while the daily studies are slightly bullish. Current quote is .8003 @06:05 GMT

Support levels: .8000, .7930, .7885/00, .7860 and .7790/00
Resistance levels: .8050, .8100/15 and .8235
Market sentiment: long-term : bearish, mid-term : bullish, short-term : slightly bullish

EURCHF

Current retracement is normal, as it follows the fast 370 points rally of last week's. If the euro will manage to stabilize above 1.5235 which is a formed top - now expected to provide support, then a recovery will be highly possible, aiming towards last week's top side into the 1.5380 region. Else, extended losses could challenge downside barriers below 1.5235 - at 1.5190/00 then 1.5140/50. Short-term momentum remains bullish. Current quote is 1.5242 @06:05 GMT

Support levels: 1.5235, 1.5190, 1.5140/50 and 1.5100
Resistance levels: 1.5300, 1.5380/00, 1.5425/45 and 1.5500
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish

Published on  Mon, Jun 29 2009, 06:12 GMT