Technical Analysis 19/07/2010 FXCBS

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Monday July 19 , 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 1.28827 and the highest level at 1.29193 , while the pair is trading now around the level of 1.29040.

Regarding to the pair Sterling against the U.S. dollar traded also in a narrow range during the Asian session between the highest level at 1.53207 and the lowest level at 1.52661, the pair is currently trading around the level of 1.53020.

Finally the pair U.S. dollar against the Japanese Yen traded in a narrow range during the Asia session between the lowest level at 86.711 and the highest level at 86.631 , the pair is trading now around the level of 86.619.

Market Expectations

EUR/USD : We expect today to the pair Euro against the U.S. dollar to decline in a correction movement to retest the level 50% Fibonacci which was penetrated around the level of 1.27850 to get red the negative signs which was seen through determined indicators, then the pair will go up again to the new target around the level 1.30900 and maybe more to the level 1.31870.




GBP/USD : etermined indicators for the pair Sterling against the U.S. dollar start show a positive sign, so we expect that the pair will rise to the target of 1.54500 then to the level 1.55000, stability of the trading above the level of 1.52500 is necessary to achieve these expectations.



USD/JPY : The pair U.S. dollar against the Japanese Yen Continue its negative pressure , determined indicators show positive signs which may lead the pair to an up corrective movement to the level of 87.540 before it can return to decline to the new target around the level of 85.300.



Senior Analyst / Ali Hasan /FXCBS

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