This is Technical analysis daily and provided by specialists and analysts from FXCBS

Tuesday February 2 , 2010

Previous session overview

The euro dollar pair is consolidating between 1.39520 levels and 1.38850 levels recording a high of 1.39512 and a low of 1.38857. The pair is currently trading around 1.39258

Regarding the pound dollar pair, it is fluctuating between a high of 1.59732 and a low of 1.59027, having the royal currency trading around 1.59242.

Finally, the dollar is consolidating against the Japanese yen recording a high of 90.907 and a low of 90.467, and the pair is currently trading around 90.567.

Market Expectations

The Pair euro against the U.S. dollar, completed its corrective to the levels of 1.39500, and for now we expect that the pair back again to drop the target levels of 1.38000 and further to 1.37250, these expectations requires stability of trading below the level of 1.40250.

The pair sterling against the U.S. dollar is still being attempts to complete the corrective movement to the level 1.60000 back down again towards the achievement of new targets at 1.58000 and then 1.57250; this expectation requires constant trading below 1.60600.

Momentum indicators are showing negative signs that support our expectations of achieving the possible bearish intraday direction that requires the breach of 90.300 to pave the way towards 89.100 initially. It is vital that 90.100 remain intact to achieve the bearish trend.

Senior Analyst / Ali Hasan /FXCBS

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