Research Desk


11th April 2005

Monday



Daily Support & Resistance:




Levels
EUR/USD
GBP/USD

Resistance 3
1.3111
1.9116

Resistance 2
1.3024
1.8990

Resistance 1
1.2980
1.8923

Pivot Point
1.2893
1.8797

Support 1
1.2849
1.8730

Support 2
1.2762
1.8604

Support 3
1.2718
1.8537

Trend (Long-Term)
Upwards
Upwards




A clear reversal pattern on daily charts with a firm base formed at 1.2800 for Euro and 1.8650 for Cable. The Bullish sentiment for both the pairs is further confirmed with Daily EMFX-Stochastics curving upwards with the sharp u-turn on Friday. However, fundamentally speaking, I would not rule out a dip back to important support levels (1.2800 for Euro & 1.9650 for cable).For now, both the pairs should hang above 10 day EMA on daily charts in order to confirm a rally this week. No major Fundamental news releases today, watch out or tomorrow’ International Trade balance data for US which is expected to extend by 1.1 Billion.





Market Range:



EUR/USD

1.2800-Support, Buy the bounce & Sell the break

1.3000-Resistance, Buy the break & Sell the bounce

GBP/USD:

1.8650-Support, Buy the bounce & Sell the break.

1.9000-Resistance, Buy the break & Sell the Bounce.








Economic Calendar:



Date/Time (GMT)
Loc
Description
Forecast
Previous







11/04/2005 06:45
France
Industrial production (February)
0.1%
0.2%



11/04/2005 06:45
France
Industrial production (February) Y/Y
2.0%
2.9%



11/04/2005 08:30
UK
PPI (Output) (March) unadjusted
0.4%
0.4%



11/04/2005 08:30
UK
PPI (Output) (March) unadjusted Y/Y
2.7%
2.8%



11/04/2005 08:30
UK
PPI Output ex FDT (March) adjusted
0.2%
0.3%



11/04/2005 08:30
UK
PPI Output ex FDT (March) adjusted Y/Y
2.6%
2.7%



11/04/2005 08:30
UK
PPI (Input) (March) adjusted
2.0%
0.1%



11/04/2005 08:30
UK
PPI (Input) (March) unadjusted Y/Y
10.6%
10.7%






Hemendra A.Ghaghada
Emirates FX L.L.C. - Chief Trading Analyst
P. O. Box: 114211, Dubai
Tel: +971-4-33 400 90
Fax: +971-4-33 448 28
Email: hemendra@emiratesfx.ae

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