Technical Analysis 3/05/2010 of FXCBS

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Monday May 3 , 2010

Previous session overview

The euro dollar pair declined in the Asian session recording a low of 1.32058 and a high of 1.33479, having the union currency trading around the level of 1.32457.

Regarding the pound dollar pair, it dropped as well to record a low of 1.52337 and a high of 1.53201, having the royal currency trading around the level of 1.52444.

Finally, the dollar yen pair recorded a low of 93.843 and a high of 94.142, while the pair is currently trading around the level of 93.95.

Market Expectations

EUR/USD :The pair Euro against the U.S. dollar declined at the beginning of the trading this week to achieve the lowest level at 1.32058, determined indicators are close to saturation in the sales, which may lead the pair to raise to the levels of 1.32890 and then 1.33250, stability of trading above the level of 1.31850 is necessary to achieve this expectations.



GBP/USD :We expect a bullish trend today for the pair of sterling against the U.S. dollar to the level of 1.53230, determined indicators approaching saturation in the sales and approaching the level of support for the pair at the level of 1.52250, stability of trading above the level of 1.52250 is necessary to achieve these expectations.




USD/JPY :The pair continues to fluctuate around pivotal resistance of 94.000 Signs of a bearish technical pattern are encouraging us to expect a bearish trend for this week that will start with the breach of minor support 93.850, and then head towards the awaited main targets that start at 92.850.



Senior Analyst / Ali Hasan /FXCBS

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