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EURO/YEN: Vulnerable below 120.01 yen with downside trigger at 114.91 yen ahead of 113.15 yen

Tue, Feb 17 2009, 09:28 GMT
by Benny Menashe

Finotec Group Inc.

UBS

EURO/DOLLAR: "Sharp recovery eases the pressure on $1.2706 but the pair remains vulnerable below $1.3094."

DOLLAR/YEN: "The upward move neutralises the bearish tone with focus on 92.42/92 yen resistance range following the break of 91.67 yen. Near-term support at 89.71 yen."

EURO/YEN: "Vulnerable below 120.01 yen with downside trigger at 114.91 yen ahead of 113.15 yen."

EURO/STERLING: "Sharp pullback moves below support at 88.60 pence, now targets 86.39 pence. Remains vulnerable below 90.72 pence."

STERLING/DOLLAR: "Move above $1.4565 encouraging but $1.4986+ move required to threaten the broader bearish tone. Near-term support at $1.4137."

MIZUHO

EURO/DOLLAR: "A tiny gap lower today as the euro holds inside a downward-sloping 'wedge' formation, disappointing as we fall below $1.2800. Watch for more cautious attempts at forming an interim base this week, possibly with a rather scary 'spike low'."

STERLING/DOLLAR: "Dropping back from the moving averages and should try again this week to form an interim low, hopefully around retracement support but maybe we shall have to live through a nasty 'spike low'... Short term target $1.4400, then $1.4600."

EURO/YEN "Lack of momentum means prices are creeping randomly sideways across the page. Expect more of the same today and maybe all week ... Attempt small longs at 116.75 yen; stop below 114.00 yen. First target 118.00 yen, then 120.00 yen".

Published on  Tue, Feb 17 2009, 10:06 GMT