Technical Analysis 10/11/2010 FXCBS

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Wednesday November 10 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the lowest level at 1.37352 and the highest level at 1.38002, the pair trading now around the level of 1.37912.

Regarding to the pair Sterling against the U.S. dollar traded during the Asia session between the lowest level at 1.59649 and the highest level at 1.60212, the pair trading now around the level of 1.59888.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 81.551 and the highest level at 81.910 , the pair trading now around the level of 81.872.

Market Expectations

EUR/USD : The pair Euro against the U.S. dollar fall sharply yesterday to the main support level at 1.37400 , determined indicators show positive sign showing through the four hours candlestick lead us to expect an up correction movement to the level 1.39260 , but we advice to be careful today and monitor the support level at 1.37400 and resistance level at 1.38300.

http://www.fxcbs.com/newsletter/images/EURUSD.gif

GBP/USD : we expect for the pair Sterling against the U.S. dollar a witness some minor upper movement towards1.60500 before heading towards resuming the expected bearish intraday trend. Note that achieving this expectations requires two essential factors first, a clear breach of 1.59500 towards push the way towards 1.58000, second is trading below 1.60500.

http://www.fxcbs.com/newsletter/images/GBPUSD.gif

USD/JPY : We expect for the pair U.S. dollar against the Japanese Yen that the direction is a bearish one over an intraday basis, where targets start at 80.850 that essentially need to build a base below 82.000 to prevail.

http://www.fxcbs.com/newsletter/images/USDJPY.gif


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