Research Desk


26th April 2005

Tuesday



Daily Support & Resistance:




Levels
EUR/USD
GBP/USD

Resistance 3
1.3155 EUR/USD
1.9262 GBP/USD

Resistance 2
1.3108 EUR/USD
1.9219 GBP/USD

Resistance 1
1.3047 EUR/USD
1.9165 GBP/USD

Pivot Point
1.3000 EUR/USD
1.9122 GBP/USD

Support 1
1.2939 EUR/USD
1.9068 GBP/USD

Support 2
1.2892 EUR/USD
1.9025 GBP/USD

Support 3
1.2831 EUR/USD
1.8971 GBP/USD

Trend (Long-Term)
Upwards EUR/USD
Upwards GBP/USD







Floating above support level…



1.2950 For Euro and 1.9050 for Cable are providing great support for both the pairs. However, greenback pushed higher yesterday due to good housing starts data and today’s New home sales & Consumer confidence numbers are seen as make or break for the support levels for both the pairs. New home sales are forecasted lower and Consumer confidence is forecasted to shed 4.4% from last month’s 102.4%, unless there is a surprise in this USD negative numbers we should see Cable and Euro climbing to fresh resistance levels. Technically, there’s a good chance for both the pairs to extend losses towards 1.2900 and 1.9000 respectively in early European session, since our today’s Support & resistance levels shows more pressure on downside.





Market Range:



EUR/USD

1.2900-Support, Buy the bounce & Sell the break

1.3145-Resistance, Buy the break & Sell the bounce

GBP/USD:

1.9000-Support, Buy the bounce & Sell the break.

1.9330-Resistance, Buy the break & Sell the Bounce.






Economic Calendar:



Date/Time (GMT)
Loc
Description
Forecast
Previous







26/04/2005 07:00
Germany
Import prices (March)
-
0.8%



26/04/2005 07:00
Germany
Import prices (March) Y/Y
-
3.7%



26/04/2005 07:00
Germany
Import prices excluding oil (March) Y/Y
-
1.5%



26/04/2005 10:00
UK
CBI industrial order books balance (April)
-15%
-13%



26/04/2005 14:00
USA
Redbook (23.04)
-
-



26/04/2005 14:00
USA
Consumer confidence (April)
98.0
102.4



26/04/2005 14:00
USA
New home sales (March)
1200K
1226K






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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