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Major Currencies Midday Report 27-May-2011

The Euro found strong resistance at 1.4280 which is the conjunction of the minor downside wave’s resistance and the MA 50.


EUR

Stochastic is still positive and accordingly we hold onto our morning expectations with stability above 1.4150.

The trading range for today is among the major support at 1.4120 and the major resistance at 1.4455.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.


Support 1.4150 1.4120 1.4050 1.3980 1.3910

Resistance 1.4235 1.4280 1.4360 1.4455 1.4500

Recommendation Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4280 targeting 1.4455 and stop loss below 1.4150 might be appropriate

Morning
Great British Pound (GBP)


GBP

The pair reached the awaited support at 1.6415 and reversed to the upside. Our morning scenario was activated and remains valid for the rest of the day.

The trading range for today is among the major support at 1.6340 and the major resistance at 1.6675.

The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.


Support 1.6415 1.6340 1.6260 1.6210 1.6125

Resistance 1.6455 1.6520 1.6600 1.6610 1.6675

Recommendation Our morning expectations remain valid

Morning
Japanese Yen (JPY)


JPY

Trading is still caught between the breached minor channel’s support and 23.6% Fibonacci correction that turned into support. Stochastic is still trending lower with the negative pressure from the MA 50 and accordingly we still need more confirmations for the coming move by observing the areas mentioned.  

The trading range for today is among the major support at 79.00 and the major resistance at 83.00.

The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.


Support 80.75 80.00 79.50 79.00 78.40

Resistance 81.30 81.70 82.50 83.00 83.50

Recommendation Based on the charts and explanations above we recommend observing trading today awaiting more confirmations

Morning

Swiss Franc (CHF)


CHF

The pair is trading within a tight range since morning around the awaited support awaited to be breached at 0.8550. In general, our morning expectations remain valid and require the breach of the mentioned level to be activated.

The trading range for today is among the major support at 0.8320 and the major resistance at 0.8740.

The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.


Support 0.8550 0.8485 0.8425 0.8360 0.8320

Resistance 0.8600 0.8650 0.8740 0.8810 0.8860

Recommendation Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8550 and take profit in stages at 0.8425 and 0.8320; stop loss above 0.8650 might be appropriate

Morning

Canadian Dollar (CAD)


CAD

The pair is trading around the 61.8% Fibonacci correction at 0.9770 while Stochastic is providing negative signs over daily basis. Our morning scenario was activated and remains valid for today with stability below 0.9845.

The trading range for today is among the major support at 0.9565 and the major resistance at 0.9970.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.


Support 0.9705 0.9680 0.9610 0.9565 0.9500

Resistance 0.9770 0.9845 0.9915 0.9970 1.0000

Recommendation Our morning expectations remain valid

Morning



Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex


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There is substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products. Each investor must consider whether this is a suitable investment.

Trades or trade recommendations made on this site have not been made by Georgia Anderson.

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