Technical Analysis 18/05/2010 of FXCBS

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Tuesday May 18 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded at the Asian session between the lowest level at 1.23141 and the highest level at 1.24006, the pair trading now around the level of 1.23575.

Regarding to the pair Sterling against the U.S. dollar it was traded at the Asian session between the lowest level of 1.44057 and the highest level at 1.44947, the pair is currently trading at the level of 1.44576.

Finally , the pair U.S. dollar against the Japanese Yen traded between the lowest level 92.329 and the highest level at 92.640 , the pair trading now around the level of 92.581.

Market Expectations

EUR/USD :We expect today for the pair Euro against the U.S. dollar to decline to the target of 1.22480 then to the target of 1.21970, this declining will be start after penetration of the support level at 1.23100, and these expectations require stability of trading below the resistance level of 1.24160.




GBP/USD :The pair Sterling against the U.S. dollar completed its corrective movement yesterday at the 23.8% Fibonacci around the level of 1.45400, today we expect a decline for the pair to the target of 1.43090 then to the level of 1.42370 , these expectations require stability of trading below the 23.8% Fibonacci at 1.45400.





USD/JPY :Stochastic enters overbought areas for the pair U.S. dollar against the Japanese Yen, we expect a bearish intraday trend to the target of 91.45, stability of the level of 92.900 necessary to achieve these expectations.




Senior Analyst / Ali Hasan /FXCBS

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