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Forex Pub Report: August 17, 2005 |
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On EUR/USD
Forex Pub says ~ The dollar looks to continue its strength
today. Look for opportunities to ride the dollar bull to around
1.2275. Expect a bounce, though, in Euro's favor if it reaches
1.2245. Forex Pub expects the Euro to be around 1.2475 by week's
end.
The experts say...
(Easy-Forex.com) "The pair has eased further as lack of any upside momentum is leading to
further profit taking as the pair has moved back into neutral
territory. Immediate support which also holds decent bid interest lies
in the 1.2240-55 zone above which lies a technically mixed interest
region with clear bias up to 1.2360. Mild resistance should continue
around 1.2410 followed by very strong resistance and offers lined
between the 1.2455-1.25 region, with only a break above to raise hopes
of a fresh uptrend otherwise it remains vulnerable for further losses.
A break below .12240 brings very strong support around 1.2175 which is
expected to hold with any moves lower to shift momentum back in the
Dollar’s favour.
Key resistance is seen at 1.2410 followed by 1.2455 while support starts at 1.2240 followed by 1.2175."
(www.mizuho-cb.co.uk) "Comment: Still struggling below the fairly pivotal level at
1.2500, easing the overbought situation totally. Bullish momentum has
eased but markets are consolidating relatively neatly. We feel that a
weekly close above 1.2560 will force many to review their investment
strategies for the rest of this year, something which will affect a
whole range of other markets. For this morning look for basing activity
around the 1.2300 area. A sustained break above 1.2375 is needed in
order to avoid further cautious downside probing.
Strategy: Buy at 1.2320; stop well below 1.2300. Add to longs above 1.2400 for 1.2500 short term and 1.2550/1.2600 further out.
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(fxthoughts.com)"The Euro is now trading below the earlier support at 1.2315-2295.
Immediate Support at 1.2275 now. Below that we have 1.2252 as the
possible target for the current downmove. Immediate Resistance at
1.2315 and then 1.2332-43. The downside target of 1.2252 seems feasible
while the Euro remains below these Resistances."
(fxguru.net)
"EUR/USD Current spot rate: 1.2300, Pivot: 1.2345
Today trading range: 1.2245 - 1.2345
Resistance: 1.2345 , 1.2375 , 1.2400
Support: 1.2295 , 1.2245 , 1.2200
Advice: Look today for US July PPI and Core PPI at 14:30 CET. We
expect USD to continue yesterdays gains to levels 1.2245 where serious
support could be found. Trade within the trading range today 1.2245 and
1.2345 prefering shorts. Good luck."
(Dailyfx.com) "Dollar bulls have taken control of the EUR/USD pair and have marked the
broad trend of the majors. After having given up nearly 40-pips, euro
longs may look to bounce off on the 23.6 Fib of the 1.3477 – 1.1869 USD
rally at 1.2295. The level happens to coincide with the psychologically
important 1.2300 level which has proven itself burdensome for rallies,
in either direction, in the past. If dollar bulls can keep the pressure
on and trump euro longs at this significant support level there will be
several points for the pair to stage a comeback. For example, 1.2250
has proven to be a strong level after providing significant resistance
from July 13th to August 2nd. Puncturing this level would leave the
100-day MA, which is currently at 1.2150, the next area for euro longs
to make a stand. If the 23.6 Fib holds up to the battering it is
receiving, the resurgence in strength would undoubtedly leave little in
the way of a run up to 1.2485, the high set on August 12th. With the
stochastic and MACD making a cross of their respective significant
levels, the indicators have shifted their support. The MACD just made
its cross to negative and the stochastic broke below the upper barrier.
If the dollar bulls are convinced of the new direction the indicators
would have done well in predicting the move.
"
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Forex Report