Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Feb 27 09 07:32 GMT |

EURO The pair corrected to the upside to reach 1.2815 before reversing once again to levels near the key support for the minor ascending channel which is pressuring the pair to the downside and supporting our outlook that the pair is to decline further on the intraday. The next target is the breach of the 1.2720 and an attempt to retest the 1.2680 - 1.2660 to confirm the the downside wave with targets at 1.2555 and 1.2420 The trading range for today is among the key support at 1.2420 and the key resistance at 1.3220 The general trend is to the downside as fr as 1.4710 remains intact with targets at 1.2330 and 1.2100 Support: 1.2720, 1.2680, 1.2660, 1.2615, 1.2555 Resistance: 1.2795, 1.2815, 1.2895, 1.2945, 1.2995 Recommendation: According to our analysis, we see that its good to sell the pair below 1.2660 with targets at 1.2525 and stop loss with a four hour close above 1.2720 GBP Another attempt to reach the key resistance for the descending channel at 1.4385 and a close below it supports the downside movements towards the key support levels between 1.4150 - 1.4140. We see the formation of a bearish technical pattern with a neckline between 1.4150 - 1.4140 which makes it more important to watch this level clearly since a breach of this level will open the way to 1.3750 and 1.3550 as far as 1.4385 remains intact. The trading range for today is among the key support at 1.3750 and the key resistance at 1.4640 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3500 and 1.2960 Support: 1.4260, 1.4200, 1.4170, 1.4140, 1.4095 Resistance: 1.4330, 1.4375, 1.4400, 1.4430, 1.4475 Recommendation: According to our analysis, we see that its good to sell the pair below 1.4330 with targets at 1.4150 and stop loss with a four hour close above 1.4430 JPY The pair inclined to reach 98.70 which is above the key resistance for the ascending channel and reversed to the downside to gather enough bullish momentum and reach 99.45 due to a candlestick pattern. We see the possibility for the formation of a bullish candlestick pattern which will support the pair to the upside to breach the key resistnce for the channel at 98.20 with targets at 99.45. Momentum indicators are neutral and we wait for positive signals to confirm the intraday trend. The trading range for today is among the key support at 94.35 and the key resistance at 99.45 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60 Support: 97.65, 97.00, 96.85, 96.55, 96.15 Resistance: 98.20, 98.65, 99.45, 99.75, 100.20 Recommendation: According to our analysis, we see that its good to buy the pair above 97.65 with targets at 98.60 and 99.45 and stop loss with a four hour close below 96.85 CHF The pair continues to trade within the minor channel as seen in the above picture. The narrow range the pair has been moving in is supporting the fact that the pair may rally after breaching any of the levels for the minor channel. The outlook is still to the upside with targets at 1.1920 and 1.1970 as far as 1.1585 remains intact The trading range for today is among the key support at 1.1390 and the key resistance at 1.1970 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1970 and 1.2055 Support: 1.1620, 1.1585, 1.1550, 1.1495, 1.1455 Resistance: 1.1695, 1.1715, 1.1745, 1.1785, 1.1825 Recommendation: According to our analysis, we see that its good to buy the pair above 1.1620 with tarets at 1.1745 and stop loss with a four hour close below 1.1550 CAD The sharp decline yesterday after breahing the 1.2480 suport level took the pair to the next support at 1.2390 before rebounding to levels near the key resistance for the minor ascending channel at 1.2560 where trading is currently limited between the 76.4% and 100% correction. We still expect that the pair is to incline to breach the above mentioned resistance and target 1.2685 and 1.2710. Our outlook is supported by the pressures on the key resistance for the channel. The trading range for today is among the key support at 1.2180 and the key resistance at 1.2710 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.2935 and 1.3065 Support: 1.2505, 1.2480, 1.2435, 1.2405, 1.23330 Resistance: 1.2560, 1.2600, 1.2645, 1.2685, 1.2710 Recommendation: According to our analysis, we see that its good to buy the pair above 1.2505 with targets at 1.2685 and stop loss with a four hour close below 1.2405 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.