Daily Technical Analysis Recommendations - 08-02-2006
EUR/USD
Technical Analysis: The
Euro failed to test the support point at 1.1930 the lower wall of the rising channel reached reached as low as 1.1940. It is expected to enter into sideway trading for a while the Euro could hold on in front of the Dollar bulls attack being supported by the support point at 1.1930 the lower wall of the rising channel (blue). we think that it will be traded between the fibo 38.2% at 1.2000 the support point at 1.1930. In case the support point at 1.1930 broken then the next level would be the fibo 23.6% at 1.1863 then we could talk about 1.1700 level fibo 0.0%. The Euro will be affected today by the release of German Trade Balance but the most important effect will come the US Trade Balance which will come out on Friday.
Recommendation
Sell @ 1.1993
Stop @ 1.2044
Traget - 1 @ 1.1971
Traget - 2 @ 1.1952
Traget - 3 @ 1.1939
Buy @ 1.1937
Stop @ 1.1902
Traget - 1 @ 1.1951
Traget - 2 @ 1.1977
Traget - 3 @ 1.1994
Good luck in your trading
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Regards
N4X