Daily Forex Technicals | Written by ecPulse.com | Mar 20 09 06:56 GMT | | |
EUROThe pair continued to incline yesterday to breach the 1.3700 level neglecting technical indicators suggesting the downside movement and is now trading near the last correction at 1.3850 (61.8%) for the decline that started from 1.4720 which will determine the next short term direction. On the intraday basis, we expect a slight downside correction to reach 1.3450 after breaching the minor support at 1.3580 and in attempt to trade within a new ascending channel The trading range for today is among the key support at 1.2980 and the key resistance at 1.3850 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2220 and 1.2120 Support: 1.3580, 1.3530, 1.3480, 1.3450, 1.3400 Recommendation: According to our analysis, we see that its bes to sell the pair below 1.2895 with targets at 1.2745 and stop loss with a four hour close aboe 1.2960 GBPAfter confirming the breach of the resistance for the minor channel, the pair continued to incline in an attempt to reach the targets of the bullish technical pattern as it neared the initial target at 1.4600 before correcting to the downside. We expected the pair to decline towards 1.4380 which is the intersection of the resistance for the breached upside channel and the 50% correction before rebounding back to the upside heading towards 1.4680 and 1.4800 as far as 1.4380 remains intact The trading range for today is among the key support at 1.3885 and the key resistance at 1.4800 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440 and 1.2960 Support: 1.4380, 1.4345, 1.4300, 1.4255, 1.4190 Recommendation: According to our analysis, we believe its best to buy the pair above 1.4380 with targets at 1.4545 and stop loss with a four hour close below 1.4300 JPYThe pair declined as expected to reach the support level at 93.55 and rebound to the upside which may take the pair to 95.90 before continuing the decline we still support which may reach 92.95 and 90.00 respectively. The trading range for today is among the key support at 90.00 and the key resistance at 99.70 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60 Support: 94.30, 93.70, 92.95, 92.75, 92.50 Recommendation: According to our analysis, we believe its best to buy the pair above 94.75 with targets at 95.90 and stop loss with a four hour close below 93.70 CHFYesterday's decline took the pair to the initial target at 1.1165 before rebounding to the upside in correctional movements to reach 1.1355. Our outlook to reach 1.1355 remains valid before reversing back to the downside an breach 1.1165 to reach 1.0975 The trading range for today is among the key support at 1.0975 and the key resistance at 1.1585 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2055 and 1.2160 Support: 1.1205, 1.1165, 1.1100, 1.1055, 1.0975 Recommendation: According to our analysis, we believe that its best to sell the pair below 1.1355 with targets at 1.1250 and stop loss with a four hour close above 1.1450 CADThe downside movements took the pair towards 1.2140 yet couldn't extend past 1.2190 as it rebounded back to the upside to currently trade near the 38.2%. We expect the pair to reach the 61.8% correction at 1.2535 before gathering enough bearish momentum to reverse and reach 1.2140 and 1.1955 respectively. 1.2535 must remain intact for the decline to continue The trading range for today is among the key support at 1.1955 and the key resistance at 1.2755 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3400 Support: 1.2345, 1.2315, 1.2275, 1.2235, 1.2185 Recommendation: According to our analysis, we beleive its best to sell the pair below 1.2535 with targets at 1.2400 and stop loss with a four hour close above 1.2620 disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, 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, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk |
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