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Hourly majors update

Posted on April 29, 2009 at 14:06 in Short-Term Analysis by Valeria Bednarik

EUR/USD Current price: 1.3241
First signs of exhaustion in the hourly chart are weighting in the pair, despite bigger charts remain bullish. The pair reached the 14.6% of the last up leg, so probably under 1.3230 corrections could extend to the 1.3300 zone. Pair failed to reach the strong descendant trend line around 1.3310, yet as long as remains around here, probabilities still favor the upside. Volume is high at this time, and probably increasing in the next couple of hours.
Support levels: 1.3230 1.3200 1.3160
Resistance levels: 1.3275 1.3310 1.3340
GBP/USD Current price: 1.4705
Also correcting to the downside, the pair is right now fighting a descendant trend line coming from yesterday’s low. Indicators are giving bearish signs with CCI cutting the 0.00 line and momentum pointing down. New candle opening under the trend line, could extend the downside correction to the 1.4660 zone.
Support levels: 1.4660 1.4610 1.4572
Resistance levels: 1.4740 1.4794 1.4830

 More majors, and charts, can be seen following next link:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-04-29.v03.html

Tags: Euro, Majors, Usd

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