Finotec News Archive - September 03 2007
Forex Technicals Analysis-Banks Recomend
EUR/USD may be heading towards $1.3540Rodian Rahnayev 
03 September 2007
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TECHNICALS-EUR/USD may be heading towards $1.3540
JP MORGAN
EUR/USD: "The August decline saw the medium term trend line tested and held at $1.3375 and the bounce from there could well be a 5 wave move completing around $1.3700. As such we are wary of a pullback to $1.3550/1.3500 again, then we will
see how that develops."
EUR/JPY: "Sitting under the 160 yen pivot region. A break should open a move towards 165 region where we will be looking for signs of a lower high. However, while under 160 we cannot rule out the market just slipping back towards the 155 region from here."
GBP/USD: "Much the same picture here with the rally from $1.98 developing in a possible 5 wave move and suggesting further gains will follow a corrective pullback. We are watching this channel at $2.0090 support more closely than the euro/dollar one as proof of a slide back to $2.00/1.9950."
SEB MERCHANT BANKING
EUR/USD: "Trading significantly broke the $1.3685 cap but failed to sustain gains. This should have repercussions into this week. If breaking the local $1.3580/20 support, there is good chance to also see some action at the near-term 50 percent retracement point and the Aug. 17 high around $1.3540/45."
EUR/CHF: "The break and the close above 1.6445 francs, together with an hourly triangle created since the break points north for today. A passing of 1.6480 will set the focus at/around the 1.6520-area."
EUR/JPY: "Failure to maintain the topside in the range of late has not only added a bearish "Doji", it has also created a divergence in the hourlies. A test of and possibly also violation of the Aug. 30 midday low of 156.80 yen looks increasingly likely."
Finotec Analysis Team
03 September 2007
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