Technical Analysis for Major Currencies EURO

Daily Forex Technicals | Written by Crown Forex | Jan 20 09 07:39 GMT |

The pair continued to move within the short term descending channel breaking the 1.3035 support level to record the low near the 1.2975 levels. We see the price currently retesting the support level that has been breached before continuing to decline to reach the key support for the descending channel at 1.2700. It is important to note that the pair is being oversold on omomentum indicators suggesting the possibility of heavy fluctuations but as far as 1.3035 level remains intact on the four hour charts, the trend remains to the downside. The trading range for today is among the key support at 1.2700 and the key resistance at 1.3440 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2700 and 1.2560 Support: 1.2940, 1.2900, 1.2850, 1.2780, 1.2700 Resistance: 1.3035, 1.3080, 1.3110, 1.3190, 1.3245 Recommendation: Sell below 1.3035 with targets at 1.2900 and 1.2700 and stop loss with a four hour close above 1.3140 GBP Just as we expected, the pair reached the key support for the descending channel after breaching the neckline for the technical pattern at 1.4645 to complete the target. The 1.4285 support level was breached to allow the pair to reach levels near 1.4135 before rebounding in correctional movements. The 23.6% correction at 1.4310 is the closest correction level which is still above the broken support. This gives the opportunity for the pair to breach the previous support and return within the descending channel as it is also supported by momentum indicators showing the pair being oversold. The trading range for today is among the key support at 1.3600 and the key resistance at 1.4810 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3870 and 1.3600 Support: 1.4230, 1.4160, 1.4140, 1.4000, 1.3940 Resistance: 1.4310, 1.4370, 1.4415, 1.4505, 1.4585 Recommendation: Sell below 1.4270 with targets at 1.4140 and stop loss with a four hour close above 1.4370 JPY The pair did move towards the support level found at 89.50 after failing to correct to the 50% level. We see the possibility of the formation of a reversal signal to the downside with a neckline at 90.15 where breaching this level will allow the pair to break the minor support for the ascending channel at 89.60 before targeting 89.05. Momentum indicators show the pair being oversold whcih could halt the break of the neckline to the downside for some time but at the end, the possibility remains valid. The trading range for today is among the key support at 88.45 and the key resistacne at 92.90 The general trend is to the downside a far as 102.10 remains intact with targets at 84.95 and 82.60 Support: 90.00, 89.80, 89.05, 88.40, 88.25 Resistance: 90.55, 90.90, 91.15, 91.60, 92.30 Recommendation: Sell below 90.15 with targets at 89.05 and stop los with a four hour close at 90.80 CHF Our expectations to breach the key support for the ascending channel at 1.1260 failed resulting in a rebound for the pair to incline towards the upside after trading near the above mentinued support. The pair is currently limited between the 1.1260 and the key resistance for the ascending channel at 1.1435 which could lead to the formation of a technical pattern that supports the downside direction if trading remains below 1.1325. This is confirmed as momentum indicators show the pair being overbought on the four hour charts. The trading range for today is among the key support at 1.0755 and the key resistance at 1.1805 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1805 and 1.2000 Support: 1.1325, 1.1260, 1.1230, 1.1190, 1.1140 Resistance: 1.1400, 1.1435, 1.1500, 1.1545, 1.1615 Recommendation: Sell the paive below 1.1325 with targets at 1.1125 and stop loss with a four hour close above 1.1435 CAD The pair continued to trade within the ascending channel yet failed to breach the support level found at 1.2410 as it breached the key resistance for the ascending channel at 1.2525 to build a solid base above it. The pair is currently near the breached resistance and as the pair is being overbought on momentum indicators, there is still a possibility to fall below the 1.2525 level once again. The trading range for today is among the key support at 1.2290 and the key resistance at 1.2840 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465 Support: 1.2525, 1.2490, 1.2460, 1.2400, 1.2370 Resistance: 1.2625, 1.2675, 1.2745, 1.2800, 1.2860 Recommendation: Buy the pair above 1.2525 with targets at 1.2675 and stop loss with a four hour close below 1.2460 Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.