1-12-2008 DAILY QUOTES AND TECHNNICAL ANALYSIS
EURUSD
The Euro has failed to hold above the 1.2800/15 support on Friday and collapsed, testing bids at 1.2620 earlier today. Downside is favored now and first important resistance is seen at 1.2810, interim resistance being formed at 1.2700 and 1.2750. Support starts at 1.2620 backed by 1.2565 and 1.2500. Daily momentum is slightly bearish due to the decline below the 1.28 mark. Intraday studies are mixed at the time of this writing. Current quote is 1.2697 @07:40 GMT
Support levels: 1.2620, 1.2565 and 1.2500.
Resistance levels: 1.2700, 1.2750 and 1.2810.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : slightly bearish
Friday recommended trade: stand aside
AUDUSD
The Aussie dollar is weaker against the greenback, but the daily studies remain bullish despite current’s pullback. Important support is seen around .6350 and should remain intact in order to maintain the upside bias on the daily charts. Below .6350 signals the resume of the downtrend, aiming towards .6070. Current quote is .6472 @07:40 GMT
Support levels: .6430/40, .6350 and .6225.
Resistance levels: .6490, .6600 and .6700
Market sentiment: long-term : bearish, mid-term : bearish , short-term : slightly bullish
Friday recommended trade: stand aside
EURCHF
Support zone around 1.5335 has been tested a bit earlier today and seem stable so far, as the Euro managed to rebound, aiming towards the 1.54 zone. Resistance is now eyed at 1.5400/10 followed by 1.5440/50 and 1.5500. Hourly studies are bearish and a sustained break of 1.5440/50 is needed to confirm the end of retracement. Current quote is 1.5372 @07:40 GMT
Support levels: 1.5335, 1.5300, 1.5220 and 1.5130.
Resistance levels: 1.5400/10, 1.5440/50 and 1.5500.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bullish
Friday recommended trade: small long at 1.5335, initial stop at 1.5295, objective at 1.5395. Adjust stop to breakeven on +30 pips (at 1.5365) if reached : 0 (entry not reached)
