Bearish Trend in Euro Loses Its Momentum
Igor Kulaga from Forex Ltd at 02/22/10
EUR
The pre-planned break-out variant for buyers has been implemented, however, with loss in several points in attainment of minimal anticipated targets. OsMA trend indicator, having marked relative rise of buying activity, suggests incompleteness of bearish development period and, as a result, holding of open long positions for today. At this point, considering descending direction of indicator chart, we can assume probability of rate return to close 1,3600/20 supports, 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 1,3660/80, 1,3720/40 and (or) further break-out variant up to 1,3780/1,3800, 1,3840/60, 1,3900/20. The alternative for sales will be below 1,3500 with the targets of 1,3440/60, 1,3380/1,3400.
CHF
The pre-planned break-out variant for sales has been implemented, however, with loss in attainment of anticipated targets. OsMA trend indicator, having marked relative rise in bearish activity at the break of key supports, suggests holding of earlier opened short positions combined with preference of bearish development in planning trading operations for today. Hence and considering ascending direction of indicator chart, we can assume probability of short term rate return to 1,0760/80 resistance range, 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 1,0700/20, 1,0640/60 and (or) further break-out variant up to 1,0580/1,0600, 1,0520/40. The alternative for buyers will be above 1,0840 with the targets of 1,0880/1,0900, 1,0940/60.
GBP
The estimated test of key resistance range levels has been confirmed, however, relative rise of bullish activity, marked by OsMA trend indicator, according to the chosen strategy, did not favor implementation of the pre-planned short positions. Therefore, at this point, considering priority of bullish party activity as a sign of incompleteness of rate correction period, we can assume probability of rate return to close 1,5440/60 supports, 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 1,5500/20 and (or) further break-out variant up to 1,5560/80, 1,5660/80. The alternative for sales will be below 1,5340 with the targets of 1,5280/1,5300, 1,5220/40, 1,5100/40.
JPY
The pre-planned long positions from key supports have been implemented with attainment of minimal anticipated target. OsMA trend indicator, having marked preserved bullish activity priority on relative rise of bearish counteraction, suggests preference of bullish direction in planning trading operations for today. Hence, we can assume probability of rate return to 91,40/60 supports, 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 buying positions, on condition of the formation of topping signals the targets will be 92,00/20 and (or) further break-out variant up to 92,60/80, 93,20/40. The alternative for sales will be below 91,00 with the targets of 90,40/60, 89,80/90,00.
