Consolidation in Euro before Bullish Rally Resumption
Igor Kulaga from Forex Ltd at 11/11/09
EUR
The pre-planned long positions from key supports have been implemented with achievement of minimal anticipated target. OsMA trend indicator, having marked fall in both party activity does not clarify the choice of planning priorities for today. Therefore, considering supposition of probable rate range movement, as earlier we can assume probability of rate return to close 1,4920/40 support levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term buying positions on condition of the formation of topping signals the targets will be 1,4980/1,5000, 1,5040/60 and (or) further break-out variant up to 1,5100/20, 1,5160/80, 1,5220/40. The alternative for sales will be below 1,4880 with the targets of 1,4820/40, 1,4760/80.
CHF
The pre-planned short positions from key resistance range levels have been implemented with achievement of minimal anticipated target. OsMA trend indicator, having marked tendency of fall in both party activity and considering a chosen strategy does not clarify the choice of planning priorities for today. Therefore, considering probability of further rate rage movement, as earlier we can assume rate return to close 1,0100/20 resistance levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales on condition of the formation of topping signals the targets will be 1,0040/60, 0,9980/1,0000 and (or) further break-out variant up to 0,9920/40, 0,9860/80, 0,9800/20. The alternative for buyers will be above 1,0240 with the targets of 1,0280/1,0300, 1,0340/60, 1,0400/20.
GBP
The estimated test of key resistance range levels has been confirmed with conditions for implementation of the pre-planned short positions. Therefore, as mentioned before the targets for opened short positions will be at 1,6620/40, 1,6540/60 levels and (or) further break-out variant up to 1,6480/1,6500, 1,6420/40, 1,6340/60. The alternative for buyers will be above 1,6760 with the targets of 1,6800/1,6820, 1,6880/1,6920.
JPY
The estimated test of key resistance range levels for implementation of the pre-planned short positions has not exactly been confirmed, however the result of the previous trading day marked by OsMA trend indicator gives grounds for preservation of earlier designed trading plans with slight adjustment. Namely, as earlier we can assume probability of rate return to channel line 2 at 90,00/20 levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for sales on condition of the formation of topping signals the targets will be 89,40/60, 89,00/20 and (or) further break-out variant up to 88,40/60, 87,80/88,00. The alternative for buyers will be above 90,80 with the targets of 91,20/40, 91,80/92,00.
