Daily Technical Analysis By FXCC - 05/10/2011

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Daily Technical Analysis By FXCC - 05/10/2011

Euro vs. US Dollar (EURUSD):Weakness in EURUSD is likely to continue.We see a less chances of an immediate rise on the instrument for short-term technical outlook. Next downside barriers follow (1.32871) at (1.32050) and (1.31638).We will try to sell EURUSD from our mentioned resistance levels.

R1: 1.34150 | R2: 1.34794 | R3: 1.35197 | R4: 1.36010 | R5: 1.36526
S1: 1.32871 | S2: 1.32050 | S3: 1.31638 | S4: 1.30633 | S5: 1.29812

Great Britain Pound vs. US Dollar (GBPUSD):We can say that additional bearish movements could be seen during current session, particularly if it succeeded to maintain prices below (1.55043) zones. A proper confirmation would occur if the GBPUSD will manage to fall beyond the (1.54322) support level.Our bias is on selling GBPUSD with a stop loss above (1.55043) for today.

R1: 1.55399 | R2: 1.55940 | R3: 1.56654 | R4: 1.57156 | R5: 1.58473
S1: 1.54322 | S2: 1.53406 | S3: 1.52866 | S4: 1.52325 | S5: 1.51329

US Dollar vs.Japanese Yen USDJPY (USDJPY):general trend is to the upside. Break below (76.412) may trigger further fall of the USDJPY. Going above nearest support level at (77.675), however, would confirm continuation of the bullish trend, towards next objective upwards (78.275). Our bias is on buying USDJPY with a stop loss under (76.412) for today.

R1: 77.194 | R2: 77.675 | R3: 77.975 | R4: 78.275 | R5: 78.575
S1: 76.495 | S2: 76.106 | S3: 75.806 | S4: 75.506 | S5: 75.206

Source: FX Central Clearing Ltd. (FXCC)