Technical Analysis 4/03/2010 of FXCBS

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Thursday March 4 , 2010

Previous session overview

The euro dollar pair fell slightly after tow days of gains to record a low of 1.36331 and a high of 1.37124, having the union currency trading around 1.36502.

Regarding the pound dollar pair, it is consolidating between a high of 1.51068 and a low of 1.50221, having the royal currency trading around 1.50327.

Finally, the dollar fell slightly against the Japanese yen to record a low of 88.136 and a high of 88.629, having the pair trading around 88.424.

Market Expectations

EUR/USD :
The pair Euro against the dollar rose yesterday after it penetrated the resistance level at 1.36550, the pair completed the corrective movement as we expect , and we expect that the pair should be return to land again, these expectation requires closure of a candle one hour below the level of 1.36550. We must note the Economic data that will issue from Euro Zone about Minimum Bid Rate.



GBP/USD :
Sterling against the U.S. dollar Succeeded to achieving the 61.8% Fibonacci at 1.51300 for the last decline, we expect today on a downward trend for a couple to first target level at 1.49600 then to the level 1.48800, these expectations requires closure candle four hours below the level of 1.50500. We must note the Economic data that will issue from United Kingdom about Official Bank Rate.




USD/JPY :
We expect today for the pair U.S dollar against the Japanese Yen a bearish direction prevailing over an intraday basis; main targets start at 87.660 then 86.800. Chances of achieving this bearish direction will remain intact if the four-hour closing remains below 90.000.




Senior Analyst / Ali Hasan /FXCBS

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