SIGNAL FOREX TODAY at August - 2 - 2007

SIGNAL FOREX TODAY at August - 2 - 2007

GBP/US

The British pound moved in a bullish pattern, however, it tried to test the major support level in the first session to bounce back later until the major resistance level at 2.0320s. Meanwhile, the technical indicators still show the upside move since it managed to close above the critical level at 2.0275.
The trading range for today might be between the key resistance level at 2.0420 and the key support level at 2.0200.
The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740.
Recommendation
We expect buying sterling above 2.0285 with a target at 2.0350, stop loss below 2.0240

Euro/Us

The European currency moved yesterday in a balanced move with some tendency towards the downside, where it arranged a downside move in the first session hitting the key support level at 1.3630s to bounce back up until the critical resistance level at 1.3700. Nevertheless, we still see the upside potential for today.
The trading range for today might be between the key resistance level at 1.3750 and the key support level at 1.3600.
The general trend is up as far as 1.3300 remains intact targets now at 1.3890 and 1.4000.
Recommendation
We expect buying Euro above 1.3655 with a target at 1.3715, stop loss below 1.3620