Daily Technical Analysis Recommendations - 13-02-2006
EUR/USD
Technical Analysis: The Euro broke the lower wall of the rising channel (blue) the support point at 1.1930 in the last day of trading of last week that was due to the release of economic reports indicators. It is expected to trade this week between the fibo 50.0% the fibo 23.6% if the level of 1.1800 is not breached. There is a big chance for correction to the fibo 61.8% but the Euro should hold on above the 1.1800 level. The Euro will be affected today by the release of tomorrow's economic news such as the German GDP at 7:00 am GMT it is expected to come out lower than the previous number that should put some pressure on the Euro. Also the German ZEW indicator will be released at 10:00 am it is expected to come out at a better number than the previous which should relief the Euro for a while but the biggest affect will come the E-12 GDP at 10:00 am GMT it is expected to come out worse than the previous number that could put additional pressure on the Euro. Also at 1:30 pm GMT the US Retail Sales m/m will be released it expected to come out better than the previous number which is good for the Dollar. Please be careful in today's trading.
Recommendation
Sell @ 1.1977
Stop @ 1.2014
Traget - 1 @ 1.1956
Traget - 2 @ 1.1937
Traget - 3 @ 1.1909
Buy @ 1.1867
Stop @ 1.1841
Traget - 1 @ 1.1885
Traget - 2 @ 1.1907
Traget - 3 @ 1.1926
Good luck in your trading
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Regards
N4X