Monday, 26 October 2009

The pair resumed trading

The pair resumed trading above 50% correction after gaining enough upside momentum from the previous 61.8% correction level at 94.10; where we can see the pair heading towards retesting previously breached support levels which have now become strong resistance levels. Momentum indicators are assuring the expected upside correction, where ADX is losing its downside strength with the possibility of forming a weak upside direction. All these signs are making us favor the upside correctional move for today which will prevail as long as 94.10 remains intact. Nevertheless, this upside move is merely correctional for the pair to gather more downside momentum to resume the bearish short term wave.

The trading range for today is among the key support at 92.10 and the key resistance at 96.85.

The general trend is to the upside as far as 102.60 remains intact with targets at 84.95 and 82.60.

Support : 94.10 93.70 93.15 92.75 92.10
Resistance : 95.10 95.10 96.00 96.85 97.25

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