German ZEW Economic Sentiment declined:

German ZEW Economic Sentiment declined to 47.2 from 50.4 in December. The news pulled the EURO from 1.4356 down to about 1.4272 within two hours after the data was released. EUR/USD remains in downtrend position. Current price 1.4278

GBP/USD daily outlook:

Current price 1.6415. The pair remains in uptrend position and it is possible to reach the price of about 1.6500 later on today.

Support 1.6100 1.5980 1.5815
Resistance 1.6350 1.6555 1,6685

German ZEW Economic Sentiment to be released today:

This is a survey of about 350 German institutional investor. The forecast is 49.8 this time. Last time it stayed almost unchanged. If the number is above the forecast we may watch a strong rise in favor of the EURO. When the previous data was released the number was below the forecast and the EURO reacted with a big fall on the market. The data will be released today at 10:00am GMT.

EUR/USD daily outlook:

Current price 1.4408. Another fall towards 1.4300 could be seen later on today or tomorrow. On the other hand if the pair breaks above 1.4450 we may see another rise towards 1.4500.

Technical resistance levels:  1.4434 1.4552 1.460
Technical support levels:  1.4325 1.4230 1.4150

EUR/USD is trading around 1.4370

The currency pair has been trading around 1.4370 in the last a couple of hours. Despite the fact that there's no that much strong movement in either direction the trend is bearish.

EUR/GBP SELL recommendation:

UBS has a sell recommendation on EUR/GBP. Initial target .8600.  Stop .8930.
They expect MPC will pause QE next month, helping lend sterling support.
EUR/GBP presently sits at .8815. 

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GBP/USD support and resistance levels:

 Current price 1.6329

Support levels: 1.6277 1.6252 1.6210
Resistance levels: 1.6321 1.6353 1.6370

EURUSD daily outlook:

The current price of the pair is 1.4380 and it seems that the pair is in downtrend position. It is possible to reach levels of 1.4250 at some point later on today.

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Forex Signal: EUR/USD in uptrend position:

Current price 1.4513 and it will be probably reach level of 1.4550 in an hour or two according to the 30-min chart.

The US Unemployment Claims to be released today:

The US Unemployment Claims are scheduled to be released today at 1:30 pm GMT. The forecast is 438K. If we see a smaller number than we may also watch the market to see if the USD would rise up over EUR or GBP. Retail Sales and productions have probably climbed in the last month. 

EUR/USD daily forecast:

The currency pair has been trading around the 1.4500 zone. Another rise towards 1.4600 is more likely to be seen later on today. If the currency pair breaks below the zone of 1.4450-1.4460 another fall towards 1.4400 could be seen on the market. Current price EUR/USD 1.4538

EUR/USD support and resistance levels:

Hourly     S 1.4501     S 1.4505     S 1.4507     R 1.4513     R 1.4517     R 1.4519     

UK Factory Production Stalls for a Second Month:

Manufacturing output remained unchanged for the second consecutive month in November, according to figures released by National Statistics Wednesday.The data was released at 1:30 pm GMT and despite the fact that the forecast did not come true there was a short rise of GBP towards 1.6288 (the pair gained with about 20pips) after the data was released.

Manufacturing Production m/m to be released today:

The previous data which was released on Dec 8, 2009 did not go over the forecast and it did not affect the British currency very much. This time the forecast is 0.3% and if the actual percentage is above the forecast, we may see a rise in favor to GBP. The data is released today at 9.30 am GMT.

EUR/USD daily outlook:

Current price 1.4480 and it looks like another fall towards 1.4350 may be seen later on today. On the other hand if the currency pair breaks above 1.4500, then we may see a rise on the market towards the price of about 1.4600.

EUR/USD daily outlook:

Current price of the pair 1.4488. The resistance was located around 1.4450 and since the pair has broke up this level now I'm expecting that it may go up to the price of 1.4600 in a couple of hours. The US Trade Balance will be published today at 1:30 pm GMT and it looks like the results may be positive for the American currency and if it does come true, we may see a short downtrend movement for the EUR.

Support and resistance levels EUR/USD:

These are the hourly support and resistance levels:

Hourly       S  1.4480    S 1.4487     S 1.4500     R 1.4515     R 1.4520     R 1.4531   

GBP/USD daily forecast:

Current price 1.6113, the pair remains in uptrend position another rise towards the price of 1.6200 could be seen later on today.

EUR/USD daily forecast:

The currency pair looks like it will remain in downtrend position in the next a couple of hours. Current price 1.4499. The resistance level should be located around 1.4530-14.4550. If the pair breaks above this level we may see another rise towards the zone of 1.4600 later on today or tomorrow. The today's economic calendar does not have any major factors which could have a strong affect over EUR/USD.

GBP/USD daily forecast:

The currency pair remains in downtrend position. We can assume that the possible target is located at about 1.5920-1.5910. If the PPI Input m/m data is positive for the GBP, we may see some momentum movement in favor of the British currency. The data is released today at 9:30am GMT.

EUR/USD daily forecast:

Current price 1.4328. The currency pair remains in downtrend position according to the technical indicators. It looks like if EUR/USD breaks below 1.4250 we may see another fall towards 1.4150-1.4160

Non-Farm Employment Change will be released today:

Job creation is an important leading indicator of consumer spending. The forecast is -3K. The data will be released today at 1:30pm GMT. 

Halifax HPI m/m data to be released today:

The Halifax HPI m/m will be released today at 9am GMT. Despite the fact that news look positive for the British currency, at the present time according to the market situation we may see another short fall of the GBP towards 1.5930-1.5900

EUR/USD support and resistance levels:

These are the hourly support and resistance levels:

Hourly      S 1.4315    S 1.4333    S 1.4355    P 1.4370    R 1.4380    R 1.4400    R 1.4420

German Retail Sales m/m data negative for EUR:

The German Retail Sales m/m data was just released minutes ago. The forecast was expected to be 0.4%.
However, the actual result is -1.1% which I assume is going to affect the European currency in a negative direction for a while towards 1.4340-1.4330.

EUR/USD daily forecast:

The pair looks like it remains in downtrend position at the present time. Current price 1.4364. I expect another fall towards the zone of 1.4300-1.4290 after consolidation.

USD/CHF daily outlook:

Current price 1.0357. The currency pair remains in downtrend position and another fall towards levels of 1.0250-1.0260 mat be seen later on today.

ADP Non-Farm Employment Change to be reelased today:

Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. The forecast is -74K. It seems that the job losses may have decreased in December. The data will be released today at 1:15pm GMT.

EUR/USD daily outlook:

Current price of the pair 1.4331 and it looks like EUR/USD is in downtrend position. If the currency pair breaks above the price of 1.4400 another rise towards 1.4500 may be reached in a couple of days. On the other hand the pair could go down to about 1.4250-1.4300 later on today.

USD/JPY daily outlook:

Current price 91.74 and it seems that the currency pair is in uptrend position. If the pair keeps levels of 91.80-91.90 we may see another rise up to about 92.50-92.70 later on today. On the other hand if the pair breaks below 91.30-91.10 next target will be 89.50-89.60

Pending Home Sales m/m to be released today:

It's a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. It will be published today at 3pm GMT. The forecast this time is -2.3% which if it comes true could be negative for the American currency. I assume that we may even see another rise of EUR/USD up to levels of about 1.4550-1.4560 later on today. Current price 1.4478

EUR/USD before the Asian session:

Current price of the pair 1.4422 which is the pivot point at the present time. The Asian session is opening in about 30 minutes and we may see some downtrend movement and will probably test another fall to 1.4350.

GBP/USD daily outlook:

The combination of candlesticks has formed “evening star” on daily chart which is the signal to downward movement. Current price of the pair 1.6077. The Manufactoring PMI today at 9:30 GMT. It is expected to go up to 52.1 points this time which will indicates industry expansion and it may be positive for the British currency.

EUR/USD daily outlook:

Current price of the pair 1.4287 and it looks like it remains in downtrend position. If we reach levels of about 1.4400-1.4420 a rise towards 1.4800 could be possible.

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Nation HPI to be released today:

British house prices have risen in the past 7 months, but the pace has slowed below 1% in the past three months. After a 0.5% rise last time, it’s expected to rise by 0.4% this time. This will push the British currency. The data will be released on Thursday at 7:00am GMT

USD may continue to decline:

Dollar may continue its decline against major currencies because of the demand for high-yield currencies for investment.

Chicago PMI to be released today:

The forecast is 55.2 and it comes true it may strongly affect the American currency in a positive direction. The data is scheduled to be released at 2:45pm GMT.

EUR/USD daily's outlook:

It looks like EUR/USD may fall towards 1.4250 in a couple of days. If the currency pair rise above the resistance level which is located at about 1.4400-1.4420 than another rise towards 1.4500 could be seen. Current price EUR/USD 1.4335

UBS Consumption Indicator was positive for CHF:

The UBS of consumer spending in November rose by 1.280 points to 0.867. The news is positive impact of the Alpine currency.

EUR/USD hourly support and resistance levels:

Hourly: S 1.4355 S 1.4359 S 1.4366 P 1.4370 R 1.4377 R 1.4381 R 1.4388

CB Consumer Confidence to be released today:

Today, the Conference Board will release its consumer confidence index, one of the few economic indicators scheduled for the holiday-shortened week. Economists surveyed by MarketWatch are forecasting an increase in the index to 54 in December from 49.5 in November. If the forecast comes true we may see some positive movement for the American currency against EUR.

EUR/USD today's outlook:

Current price of the pair 1.4387 and we may see a rise towards in a couple of days. Signals are expected to remain upwards, but we will look for a movement above 1.4400 to confirm the upward trend continuation. Not much economic indicators to be watched today regarding EUR/USD which will probably move the pair slowly in either direction.

Forex Trading Tips: When to trade EUR/USD:

This is just advice:

The best time to trade EUR/USD pair is during London and New York sessions (8 am to 10 pm GMT).
The most active hours are 13 pm to 17 pm GMT, when two sessions overlap.

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Spending, Home Sales Probably Climbed: U.S. Economy Preview:

American consumers probably earned and spent more in November, giving retailers and real-estate agents reason to anticipate business will improve in 2010, economists said before reports this week.

Household purchases rose 0.7 percent for a second month and incomes climbed 0.5 percent, the most since May, according to the median estimate of 60 economists surveyed by Bloomberg News before a Commerce Department report Dec. 23. Combined sales of new and existing homes last month may have reached the highest level since May 2007, other figures may show.

Read more:

Posted by bloomberg.com

Unemployment Claims to be released today:

The US Unemployment Claims data will be released today. The forecast is expected to be 471K which would be positive for the American currency. Current price of EUR/USD 1.4361 and with the approach of Christmas and New Year holidays, will see reduced activity of traders. In these conditions it is possible to form a sharp movement in both directions, which lead to the formation of speculation.

EUR/USD daily outlook:

Bearish downtrend remains strong. Markets will be at their thinnest during the US trading session. Looking for bearish signals around 1.4330 with targets at 1.4300, 1.4275, 1.4245 and 1.4220.

EUR/USD Report:

As we head into this trading week, the trend is still down, but appears to be waning slightly.

Near-term support is at 1.4300. A drop below is likely to test former lows at 1.4260, but 1.4250 is also likely to act as support. A break below 1.4250 indicates a move to 1.4150. There is interim support in the area of 1.4200 and 1.4175.