Contracting Euro Movement Range before the Rally
Igor Kulaga from Forex Ltd at 11/03/09
EUR
The pre-planned short positions from key resistance range levels were implemented with the achievement of main estimated targets. OsMA trend indicator, having marked activity fall of both parties as it was before does not clarify the choice of planning priorities for today. Therefore, evaluating the situation from positions of further rate range movement we can assume probability of rate return to Senoku Span B line of Ichimoku indicator at1,4840/60 levels where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of shorter time interval. As for short-term sales on condition of the formation of topping signals the targets will be 1,4780/1,4800, 1,4680/1,4720 and (or) further break-out variant up to 1,4620/40, 1,4540/60, 1,4480/1,4500. The alternative for buyers will be above 1,4900 with the targets of 1,4940/60, 1,5000/40.
CHF
The pre-planned long positions from key supports were implemented with the achievement of minimal estimated target. OsMA trend indicator, having marked further activity fall of both parties remains trading plans made before almost unchanged. Namely, we assume probability of another test of Senoku Span B line of Ichimoku indicator at 1,0160/80 levels where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of shorter time interval. As for short-term buying positions on condition of the formation of topping signals the targets will be 1,0220/40, 1,0280/1,0300 and (or) further break-out variant up to 1,0340/60, 1,0400/40. The alternative for sales will be above 1,0120 with the targets of 1,0060/80, 1,0000/20.
GBP
The pre-planned long positions from key supports were implemented with the loss of several points in the achievement of minimal estimated target. OsMA trend indicator, having marked activity fall of both parties and gives grounds to suppose further rate range movement without clarifying the choice of planning priorities for today. On the assumption of it we can assume probability of rate return to Ichimoku cloud border support at 1,6460/80 levels where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of shorter time interval. As for short-term sales on condition of formation of topping signals the targets will be 1,6400/20,1,6320/40, 1,6240/60 and (or) further break-out variant up to 1,6180/1,6200, 1,6120/40, 1,6060/80. The alternative for buyers will be above 1,6540 with the targets of 1,6580/1,6600, 1,6660/1,6700.
JPY
The pre-planned short positions from key resistance range levels were implemented and the achievement of estimated targets is supported by descending direction of OsMA trend indicator according to the sign of bearish development cycle incompleteness. Therefore, at the moment, for opened short positions the targets will be 89,80/90,00, 89,00/40 and (or) further break-out variant up to 89,20/40, 88,80/89,00. The alternative for buyers will be above 91,40 with the targets of 91,80/92,00, 92,40/60.
