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Anticipate Market Trends. Make More Profitable Trades. Get Daily Forex Research & Technical Analysis Trusted By Thousands of Traders.HIGHLIGHTS:
GBPUSD: Recovery Target Seen Towards The 1.6124 Level - Reversal of intra day gains on Wednesday and a follow through higher has seen the pair holding above its 200 emacurrently at
EURUSD: Eyes A Revisit Of The 1.4844 Level - With EUR seen this morning reversing its Wednesday strength and trading above its Tuesday high (1.4761), its psycho level.
EURUSD
EURUSD: Eyes A Revisit Of The 1.4844 Level
EURUSD - With EUR seen this morning reversing its Wednesday strength and trading above its Tuesday high (1.4761), its psycho level at 1.4800 remains the immediate target. A clean invalidation of there will set the stage for a return to its YTD high at 1.4844 level with a violation of that level resuming its medium term uptrend currently on hold towards the 1.4875 level, representing its Sept 21’09 high. Further out, resistance is located at its psycho level at 1.5000 and then the 1.5082 level, its Aug 10’08 high. Its daily studies are supportive of this view as they have turned higher. However, any price stall at the current level will put its nearby support at 1.4672 under pressure where a break lower will expose its Oct 02’09 low at 1.4479. A cap is expected at the latter level. Below there though not envisaged at the level will expose its MT rising trendlinecurrent at 1.4374. We retain our medium term bullish view on the pair with a break and hold above the 1.4844 level triggering that trend.
GBPUSD
GBPUSD: Recovery Target Seen Towards The 1.6124 Level
GBPUSD - Reversal of intra day gains on Wednesday and a follow through higher has seen the pair holding above its 200 emacurrently at 1.6055 and increased the risk of a retarget of the 1.6124 level. Invalidating the latter will put the pair in position to head further higher towards the 1.6463 level, its Sept 23’09 high where a cap could be seen. Its daily RSI now trending higher remains supportive of this view. On the downside, the 1.5768 level will be initially targeted with a loss of there turning focus lower to the 1.5500 level, its psycho level and then its .50 Ret( 1.3652-1.7041 rally) at 1.5350. With a temporary bottom now seen, GBP is expected to correct higher in the days ahead though it is dominated its SH downtrend off the 1.7041 level.
