Daily Technical Analysis On EURO & GBP & ENTRYS (05/10/2004

[JACK]

Hi guys!!!

Consolidation is the name of the game at the moment, with the post-G7 dollar rally having largely run its course. Daily momentum has turned mostly dollar positive suggesting dollars should be selectively bought on dips, sell EUR, GB.

Please see my support and resistance for Euro & Gbp

Euro:

Support:
1.2260
1.2220
1.2160

Resistance:
1.2340
1.2390
1.2450

Downside focus remains while below 1.2340/50

Gbp:

Support :
1.7800
1.7750
1.7700

Resistance:
1.7850
1.7900
1.7935/40

Basing above 1.7800, a rally over 1.7870 could see a larger retracement, cover shorts and look to sell near 1.8000.

Interesting thing happens to Usd/Cad...the lowerst for the past 11 years...I just bought Cad with s/l below 1.2600 ( s/l1.2550) target open. Good luck.

Happy trades
Regards
Jack