| Aug 07, 2008 08:00PM ET
The Euro also declined against the Yen on the back of the Euro's own weakness, the pair managed o breach many support levels so far including the major support at 167.40 and the 167.05 support level which represents the 61.8% correctional level for the last upside wave, if the pair closes below this level it will continue it downside wave to target the 166.50s level, while breaking to the upside again will only be confirmed if the 167.40 level is breached.
Support | 166.81 | 166.58 | 166.26 | 165.92 | 165.58 |
Resistance | 167.05 | 167.40 | 167.70 | 168.11 | 168.41 |
Recommendation | ... |
GBP/JPY
The Pound dropped back against the Yen after the pair breached the 38.2% level at 212.86 to the downside, but the strong support at 211.24 was able to hold the pair up and pushed it back to the upside since the pair is being traded within an oversold area on intraday basis, however the pair's medium term upside trend remains intact and would only change to the downside if the pair was able to breach the 210.90 level and closes below it.
Support | 211.67 | 211.24 | 210.90 | 210.37 | 209.92 |
Resistance | 212.39 | 212.86 | 213.30 | 213.81 | 214.37 |
Recommendation | ... |
EUR/GBP
The Euro declined against the Pound as well after the pair couldn’t close above the 0.7918 level which represents the 100 days MA, the pair dropped in a strong downside wave that took it beyond the 0.7890 to reach the support at 0.7846 which provided the pair with strong upside momentum to rebound back, however if the area among the 0.7846-0.7832 is breached the pair will continue its downside wave to the 0.7816 levels, and only breaching the 0.7918 would bring the pair back to positive territories.
Support | 0.7873 | 0.7858 | 0.7846 | 0.7832 | 0.7816 |
Resistance | 0.7890 | 0.7906 | 0.7918 | 0.7930 | 0.7943 |
Recommendation | .. |
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