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Technical analysis and news on the currency market - the U.S. session
Report of the Exchange Rates for the day Wednesday, 05/05/2010
Submitted by the emergence of Forex - leading site in the circulation of currencies and global stock
Technical Analysis of the euro against the dollar (the euro against the dollar) Finally, we left areas of the 1.30
Euro broke the support specified in the report yesterday, 1.3173, and collapsed after just that, bringing to two the proposed 1.3113 and 1.3050 successfully, but that he fell after getting the second goal by more than 100 points and penetrated the 1.30 level fell for the first time since 28 April 2009. It was clear, even before this fall, the technical picture is in fact negative and this is what we have stated clearly in the report yesterday. However, the speed of fall exceeded our expectations, and if we tried to interpret, we will find that there is a decline of 5 waves is still evolving, and that this sharp fall is the Wave 3 and had been started at 1.3251. Since the wave 4 could be a sharp correction or correct profile, we are in a situation that requires caution. We may see a sharp correction back to the 1.31 area before returning to land for 1.29 We may see a modest correction side. Therefore, we prefer to concentrate on the levels of short-term follow break any of them. Today's levels, the most important resistance is 1.2985 and 1.2948 support. If what has been breaking the 1.2948 support will complement the price falling to levels of support in the important areas of the 1.28: 1.2885, and 1.2820. If 1.2985 is broken the resistance, the price will return to the circulation within the channel, which will start to break back and correct the decline yesterday, which will target 1.3065, and 1.3130.
Support:
.
• 1.2948: Support Intrdae important to protect the lowest price yesterday.
• 1.2948: Support Intrdae important to protect the lowest price yesterday.• 1.2885: the bottom of the April 22, April 2009 is important.
• 1.2885: the bottom of the April 22, April 2009 is important.• 1.2820: the highest price for the day on 10 March 2009.
Resistance
Resistance:• 1.2985: the bottom of the downward channel, which was broken down yesterday.
• 1.2985: the bottom of the downward channel, which was broken down yesterday.• 1.3065: 38.2% retracement of wave 3 as promised waveform.
• 1.3065: 38.2% retracement of wave 3 as promised waveform.• 1.3130: Fibonacci 61.8% retracement of wave 3 as promised waveform.

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