Technical Analysis 12/07/2010 FXCBS

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Monday July 12 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded in a narrow range during the Asian session between the lowest level at 1.25769 and the highest level at 1.26470, the pair is currently trading around the level of 1.25901, the determined indicators for the time frame of one hour candlestick and four hours candlestick show positive sign for the pair.

Regarding the pair Sterling against U.S. dollar traded during the Asian session in a narrow range between the lowest level at 1.49588 and the highest level at 1.50779, the pair is currently trading around the level of 1.49733, the determined indicators for the time frame one hour candlestick and four hours candlestick show positive sign for the pair .

Finally the pair U.S. dollar against the Japanese Yen traded during the Asian session between the highest level at 89.155 and the lowest level at 88.617, the pair is trading now around the level of 88.900, the determined indicators for the time frame one hour candlestick and four hours candlestick show a negative sign for the pair .

Market Expectations

EUR/USD :The pair Euro against the U.S. dollar is close to the level of 1.25600 which represents the correction of the level 38.2% Fibonacci, we expect based on this level and then starting up to the level of 1.27000, determined indicators for the one hour candlestick show positive sign which support our expectations .




GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar show positive sign lead us to expect an uptrend for today to the target of 1.52150 and if the pair could penetrate this level we may see more up target, stability of the trading above the level of 1.49550 necessary to achieve these expectations.




USD/JPY : etermined indicators for the pair U.S. dollar against the Japanese Yen show negative signs which may lead the pair to decline to the level 87.000 then to the target of 85.650, stability of the trading below the level of 89.900 is necessary to achieve these expectations .



Senior Analyst / Ali Hasan /FXCBS

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