Friday, February 4, 2011

EUR/CHF: Erratic range trading resurfaces after resistance was found at 1.3040. However we still feel bias is now higher to 1.3208 while above 1.2777 support.

EUR/GBP: Downtrend begins to accelerate lower, and this morning is probing 61.8% Fibonacci retracement support. Risk below here to .8400 and then 78.6% retracement of .8368

EUR/JPY: Failure at 112.90/93 results in an aggressive sell off through 38.2% Fibonacci retracement support at 111.28. Topping structure signals risk to 109.57

EUR/SEK: Lower highs and lows continue to keep medium-term focus set on next major support at 8.4858. Today we see risk lower to 8.7720

EUR/NOK: Violation of 7.8471 ensures a lower low and opens up immediate risk to 7.7790, but ultimately we maintain our 7.7031 target.

NOK/SEK: Market has broken above its medium-term downward trendline and is up probing pivot resistance zone at 1.1298/96, with a marginal break above to 1.1308.

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