Technical Analysis 4/06/2010 FXCBS

fxcbsar

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Friday June 4 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the European session between the highest level at 1.22154 and the lowest level at 1.20902, the pair trading now around the level of 1.21924.

Regarding to the pair Sterling against the U.S. dollar also traded during the European session between the highest level at 1.46816 and the lowest level at 1.45811, the pair trading now around the level of 1.46007.

Finally the pair U.S. dollar against the Japanese Yen traded during the European session between the highest level at 92.880 and the lowest level at 92.340, the pair trading at these time around the level of 92.529.

Market Expectations


EUR/USD :The pair Euro against the U.S. dollar successfully penetrated the support level at 50 moving average at 1.21750 to decline further, we expect today bearish movement for the pair to the level of 1.19830, and these expectations require stability of trading below the level of the moving average 50.




GBP/USD :We expect today for the pair Sterling against the U.S. dollar a decline to the level of 1.44020, this decline will start after the pair breakthrough the level of 1.45550, yesterday the pair couldn’t successfully penetrate the resistance level at 61.8% Fibonacci which is the support for our expectations today.




USD/JPY :We expect some fluctuation and a minor bearish correction before resuming the expected bullish intraday direction that targets are initially 93.650 – 94.050. The pair continued its upside move achieving a daily closing above 76.4% Fibonacci correction at 92.50 these support our expectations .



Senior Analyst / Ali Hasan /FXCBS

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