Euro Bullish Potential Has Been Confirmed

Igor Kulaga from Forex Ltd at 10/20/09

EUR

The estimated test of key supports for the implementation of pre-planned buying positions has not been confirmed but bullish development priority marked in the general outlook, gives grounds to the preservation of buyers preferences for planning of trading operations for today. Therefore, at the moment, considering the sign of formation of topping bearish signal we can assume probability of  rate return to 1,4920/40 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 1,4980/90, 1,5010/20  and (or) further break-out variant up to 1,5060/80, 1,5140/60, 1,5200/20. The alternative for sales will be below 1,4880 with the targets of 1,4820/40, 1,4760/80, 1,4700/20.

CHF

Short positions opened and saved before had positive result in the achievement of main estimated targets. OsMA trend indicator having marked in the general outlook bearish development priority is still supporting sales planning priority for today. On the assumption of it as well as considering sign of rate oversold we can assume probability of rate return to channel line «1» where it is recommended to evaluate the development of the activity of both parties according to the charts of shorter time interval. As for short-term sales on condition of the formation of topping signals the targets will be1,0080/1,0100  and (or) further break-out variant up to 1,0020/40, 0,9960/80, 0,9900/20. The alternative for buyers will be above 1,0240 with the targets of 1,0280/1,0300, 1,0340/60, 1,0420/40.

GBP

The pre-planned long positions from key supports were implemented with the achievement of main estimated targets. OsMA trend indicator having marked activity fall of both parties does not clarify the choice of planning priorities for today. Nevertheless, considering probability of preservation of the current tendency as well as descending direction of indicator chart we can assume rate return to close 1,6330/50 supports 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 formation of topping signals the targets will be 1,6390/1,6400, 1,6420/40 and (or) further break-out variant up to 1,6480/1,6500, 1,6560/80, 1,6680/1,6720. The alternative for sales will be below 1,6180 with the targets of 1,6100/20, 1,6040/60, 1,5980/1,6000.

JPY

Long positions, opened and preserved before, had no positive result in the achievement of estimated targets. Nevertheless, considering the preservation of signs of rate overbought there are grounds for the preservation of the positions opened before with the targets of  90,60/80, 91,20/40, 91,80/92,00 and (or) further break-out variant up to 92,40/60, 93,00/20. The alternative for sales will be below 89,80 with the targets of 89,20/40, 88,60/80, 88,00/20.