Wednesday March 3 , 2010

Previous session overview

The pair Euro against U.S dollar traded in a narrow range slant upward during the Asian period, the highest price was at 1.36545 and the lowest price at 1.36056, the pair trade now around the level of 1.36190.

Sterling against Dollar also traded in narrow range during the Asian section between high price at 1.50758 and low price at 1.49583, the pair now trading around 1.50050.

Finally, the dollar gained against the Japanese yen, the pair recoded a low of 88.470 and a high of 88.949. The pair trading now at 88.835


Market Expectations

EUR/USD :The euro against the U.S. dollar Try to penetration resistance level at 1.36550, but bounced back quickly, which leads us to expect that the correction to the recent wave has been completed, and therefore we expect today's down for a couple to the targets 1.34400 , these expectations requires a breakthrough for the support level at 1.35850.



GBP/USD : The pair Sterling against the U.S. dollar has a touch with the resistance level of 1.50700 then Recoil, we expect today's down for a couple to the support target at 1.48500.



USD/JPY : We expect a possible bearish intraday direction; targets start at 88.220 then 87.650. The bearish short term wave will prevail if 90.000 remain intact.



Senior Analyst / Ali Hasan /FXCBS

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