Technical Analysis 24/06/2010 FXCBS

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Thursday June 24 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asian session in a narrow range between the lowest level at 1.22968 and the highest level at 1.23516, the pair trading now around the level of 1.23437.

Regarding to the pair Sterling against the U.S. dollar also traded in a narrow range during the Asian session between the lowest level at 1.49533 and the highest level at 1.50003, the pair is currently trading around the level of 1.49764.

Finally the pair U.S. dollar against the Japanese Yen traded in a narrow range during the Asian session between the lowest level at 89.783 and the highest level at 89.981 , the pair is currently trading around the level of 89.847.


Market Expectations

EUR/USD :We advice to monitor the trading today for the pair Euro against the U.S. dollar , if the pair can break through the level of 1.23800 and close four hour candlestick above the 50MA this may confirm another signal for further bullish trend , but if the pair rebounds from that level that may cause a decline for the pair.



GBP/USD :We expect today for the pair Sterling against the U.S. dollar a small correction movement to the level of 1.49420 before continuing its rise to the level of 1.50900 then 1.51250, determined indicators support our expectations.




USD/JPY :We expect today for the pair U.S. dollar against the Japanese Yen a decline to the level of 89.000, at this level we advice to monitor the price if the pair can breakthrough this level that will cause more decline to the level of 88.250, and if the pair rebound that will make the pair raise again above the level of 90.000.



Senior Analyst / Ali Hasan /FXCBS

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