Technical Trading Update Jan 12 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3027
Overview – So far this week the EURUSD has been locked in a trend channel drifting from the 1.2880 area to the mid 1.3040 area. A clean push higher will test previous supports near 1.3090. More downside could be expected on a break below 1.2885.
Resistance – 1.3045 / 1.3085 / 1.3140 / 1.3190 / 1.3215
Support – 1.2970 / 1.2923 / 1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5675
Overview – Much like the EURUSD this pair has been drifting