EU and EJ were the suprise packages for today with both of them showing very good strength as compared to the other currency pairs. EJ has strong support at around 126.4. This needs to be broken for any more movement further down. If this does not get broken, then we could see a slow retracement towards 128 but if this does get broken, we could go down all the way to 125. Considering the strength of the down move so far, this cannot be ruled out.
EU is in the middle of a very strong support region. I say 'region' as there is support all around from this price till down to 1.2820. So, i really dont see EU dropping much more than 80 pips, even if the fall were to continue. EU has broken through a strong support at 1.2940. We will have to see whether this break will hold and if yes, we should see a very slow move to 1.2820 as there is a lot of wood to chop.
Monday, April 20, 2009
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Karthik, what is your time zone ? When it is 8.51 AM, is it EST or PST of Apr 20 ?
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