Technical Analysis 18/02/10 of FXCBS

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This is Technical analysis daily provided by specialists and analysts from FXCBS

Thursday February 18 , 2010

Previous session overview

The euro dollar pair declined to record a low of 1.35394 and a high of 1.36128, having the union currency trading around 1.35480.

As for the pound dollar pair, it fell slightly to record a low of 1.56171 and a high of 1.56876, having the royal currency trading around 1.56220.

Finally, the dollar yen pair is consolidating between a high of 91.15 and a low of 90.87, and the pair is currently trading around 90.95.

Market Expectations

EUR/USD :
The pair Euro against the U.S. dollar fell sharply yesterday and close to the support level at 1.35300, we expect today some of the corrective movement to the pair because of saturation in sales emerge from the technical indicators, but the overall trend remains downward for the pair, and that require of steady the price below 1.36650.



GBP/USD :
The pair sterling against U.S dollar recoiled yesterday after touching the resistance point at 1.58100 which prompting the pair to decline , we are expecting today to move closer to the support level again and test it , we are keeping our expectations as it was , this expectation require stability of trading below 1.57650.



USD/JPY :
Our previous expectations of an intraday bearish direction is still intact; first target is at support for the ascending channel 90.100 then attempting to breach it and head towards levels around 89.250. The breach of the mentioned top and remaining intact above will weaken chances of achieving these expectations.



Senior Analyst / Ali Hasan /FXCBS
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