Daily Technical Analysis and Recommendations - 20-02-2006
EUR/USD
Technical Analysis: The upper wall of the falling channel (orange) didn't stop the Euro from rising to close the week above 1.1930 as we have expected in the previous report. It is expected to rise to break the lower wall of the rising channel (blue) and might test the fibo 38.2% at 1.2000. Since today is a holiday in the USA, we might see minor movements from ECB president Mr. Trichet at 4:00pm GMT but investors will be looking at the first FOMC meeting with the new president Mr. Bernanke.
Recommendation
Sell @ 1.1999
Stop @ 1.2044
Traget - 1 @ 1.1977
Traget - 2 @ 1.1953
Traget - 3 @ 1.1927
Buy @ 1.1871
Stop @ 1.1837
Traget - 1 @ 1.1895
Traget - 2 @ 1.1919
Traget - 3 @ 1.1939
Good luck in your trading
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Regards,
N4X