FOREX TRADING

The pound and the euro have been the strongest performers out of the major currencies this morning, while the dollar remains on the back foot. The single currency’s rally this week has been impressive, and it looks set to continue after the markets shrugged off news that Spain had been

On Wednesday Dollar/Yen continued decreasing insignificantly, in line with the negative Interbank sentiment at around -33%. The currency couple depreciated from 84.09 to 83.49 yesterday, closing the day at 83.66. Today bears are trying to push further down, but without much success for now. On the 1 hour chart trading

The EURUSD has stayed surprisingly resilient despite the negative news surrounding the Euro in the last 24 hours. Moody’s downgraded Spain to Aa1 with the outlook at stable which did not provide much of a reaction. EU Commission President Barroso German Chancellor Merkel’s strongly worded comments yesterday are still

The bears remain firmly in charge as they look to push the pair further lower towards the 82.86 level, its YTD low. A violation of there will resume its medium term weakness and open the door for further declines towards the 82.00 level, its psycho level and then the 81.00

EURUSD Extended gains to 1.3645 yesterday, ahead of easing. This has found support just ahead of 1.3554, 28 Sep low, where fresh strength has emerged. Clearance of 1.3645 to expose key 1.3690 barrier, break of which may open 1.3800 zone near-term. Downside, 1.3558/54 underpins advance and potential break lower would trigger a stronger correction to 1.3504.

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.

Fears are still predominant as concerns over the inability of European economies to tackle their debt and slowdown in growth are spreading in markets, affecting investors who resorted to refuges. Gold is among the main gainers as a store of wealth and safe haven amid the uncertainty surrounding global recovery.

EUR/GBP Longer term trading in a wide range between 0.8070 and 0.8500, the bias remains bearish and in consolidation zone Intraday: finds support in 0.8550, maintainig bullish bias whilst above 0.8500. Quoting above the 200 DMA next target lays around the 61.8% Fib in 0.8740. 

On Wednesday Pound/Dollar dropped insignificantly, but was generally moving within narrow range, in line with the negative Interbank sentiment at nearly -5%. The Cable depreciated from 1.5875 to 1.5760 yesterday, closing the day at 1.5882. Today the British currency continues to trade neutrally for now. On the 1 hour chart

The EUR/JPY has edged steadily higher within a Rising Wedge Continuation pattern over the past couple of days. Within the context of a two-bar Initial Trend reading-which indicates a weakening uptrend-this is a potentially bearish pattern.

Markets had a relatively quiet session yesterday, following more pronounced moves in the previous sessions. There was intra-day volatility, but no strong directional moves. The economic calendar was rather thin, but confidence data in EMU, Japan and China were encouraging. The European Commission confidence indicators showed an unexpected improvement in

The dollar fell to a fresh post-intervention low against the yen on Thursday, continuing its near-steady slide against a broad swath of currencies. It hit an intraday low of JPY83.23 in afternoon Asian trade, breaking through the previous resistance point of JPY83.50. At 0550 GMT, it was at JPY83.37 compared

The USD weakened against all of its 16 most-traded counterparts as reports made clear that the U.S. economic recovery is losing momentum. Fed Chairman Ben Bernanke will have a conference with a Senate Banking Committee today. Versus the JPY the USD lost again yesterday. After the intervention of the Bank

European equity markets will most likely open around 0.8% lower today as the European sovereign debt history once again resurfaces. The fear is outright that Europe will experience slower growth and the worry has not been eased by the wide spread demonstrations yesterday in most European capitals against cut backs

While the USD selling momentum continued overnight, it did not appear to be spectacularly so as major upside hurdles for a number of currencies remained intact. EURUSD had two attempts to breach the 1.3650 barrier but found it impenetrable as German Chancellor Merkel commented on the need for EU Treaty