Research Desk


1st June 2005

Wednesday



Daily Support & Resistance levels:




Levels
EUR/USD
GBP/USD

Resistance 3
1.2627
1.8411

Resistance 2
1.2559
1.8336

Resistance 1
1.2431
1.9254

Pivot Point
1.2363
1.8179

Support 1
1.2235
1.8097

Support 2
1.2167
1.8022

Support 3
1.2039
1.87940

Trend (Long-Term)
Upwards
Upwards

Trend (Current)
Downwards-Below 1.3000
Downwards-Below 1.8900







Sentiment towards EURO is decidedly bearish ahead of the Dutch referendum on the EU later today where a resounding "no" vote is expected. Yesterday French and Netherlands “no” vote took Euro down to 1.2300, support is
found around 1.2225.Euro
might receive some relief if the US ISM index later today comes in on the weak side of expectations and this is highly possible. Cable was bouncing between fresh yearly low (1.8100) and decent resistance level (1.8270), Expect rangy moves today ahead of US ISM numbers.
































*Economic Calendar:



Date/Time (NYT)
Loc
Description
Forecast
Previous





6/1 10:00
US
ISM Index (manufacturing)
52.4
53.3

6/1 05:00
EU-12
Q1 Real Gross Domestic Product (estimate) (Q/Q % chg.)
0.5
0.2





*Source: forexnews.com



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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