Technical Analysis 7/05/2010 of FXCBS

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Friday May 7 , 2010

Previous session overview

The pair Euro against the U.S. dollar fell during the Asian session to the level of 1.25857 which was the lowest price until now , the highest level was at 1.27361, while the pair trading now around the level of 1.26874.

The pound against the U.S. dollar also fell strongly to achieve the lowest price at 1.45590; the highest level was at 1.49355, the pair trading now around the level of 1.47044.

Finally the pair U.S. dollar against the Japanese Yen fell also to the lowest level at 90.008 , while the highest level was at 92.775 , the pair trading now around the level of 92.360.

Market Expectations

EUR/USD :EUR fell sharply against the U.S. dollar yesterday, determined Indicators for the pair may lead it for a corrective movement towards the level of 1.27850, The negative pressure is still controlling on the trading pair, But according to the natural circulation is supposed that the pair should bounce back to levels of 1.31850 at the level of 61.8% Fibonacci, we Advised to monitor the trading range today very well.




GBP/USD
:We expect today for the pair sterling against the U.S. dollar a decline again to the support level at 1.46150, these expectation require a close four hours candlestick and stability of trading below the resistance level at 1.48650.




USD/JPY :The pair managed to achieve a sharp drop yesterday for about 600 points, whereas we see that the bullish correction, But in general downward trend is still controlled the trading pair we expect that the pair back to test the level of 90.000 again today



Senior Analyst / Ali Hasan /FXCBS

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