Daily Technical Analysis and Recommendations - 14-02-2006
EUR/USD
Technical Analysis: The Euro traded yesterday in a narrow range which indicates that investors are holding back and are expecting a big move to either direction. The Euro couldn't reach either the resistance point 1.1930 nor the fibo 23.6% at 1.1863. It is expected to try to break the resistance point at 1.1930 and touch the upper wall of the falling channel (orange) passing in its way the lower wall of the rising channel (blue). A failure of that scenario would mean that the Euro would go to the fibo 23.6% and try to test the 1.1800 level. The Euro will be affected today by the release of economic news such as the German GDP at 7:00 am GMT and it is expected to come out lower than the previous number and that should put some pressure on the Euro. Also, the German ZEW indicator will be released at 10:00 am and 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 from the E-12 GDP at 10:00 am GMT and it is expected to come out worse than the previous number and that could put additional pressure on the Euro. Also, at 1:30 pm GMT, the US Retail Sales m/m will be released and 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 @ 1.1951
Stop @ 1.1997
Traget - 1 @ 1.1931
Traget - 2 @ 1.1902
Traget - 3 @ 1.1881
Buy @ 1.1867
Stop @ 1.1841
Traget - 1 @ 1.1885
Traget - 2 @ 1.1907
Traget - 3 @ 1.1926
Good luck in your trading
For complete report go:
www.forexial.com
Regards,
N4X