EUR/USD technical evening report:

Current price 1.3953. It seems quite possible that the pair will reach levels around 1.4050 zone in a couple of days and then it may drop down again to 1.3850-1.3800. Strong buy at the moment is indicating on the market.

Construction PMI positive for GBP:

The Construction PMI reporta was released today at 9:20 a.m. GMT and it has affected the British currency in a positive direction. GBP/USD gained about 30 pips in favor for GBP after the report. At the present time the British currency is losing position against the USD on the market. Strong sell recommended at the this hour. The resistance is located at 1.5900.

Pending Home Sales m/m will be released today:

It's a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. The forecast is 0.4%. If the actual percentage is higher than the forecast the US dollar may gain some profits over the other major currencies. The report will be released today at 3:00 p.m. GMT.

EUR/USD technical analysis February 2, 2010:

The currency pair remains in downtrend position. Another fall towards 1.3700 is still possible in a couple of days.

Support levels:
1.3846    1.3866    1.3894

Resistance levels:

1.3942

1.3962

1.3990

GBP/USD daily analysis:

Deeper decline is now in favor for the British currency. Trading range in the last a couple of hours between 1.6000-1.5900.


Support levels:
1.5928    1.5936    1.5945

Resistance levels:
1.5962    1.5970    1.5979

ISM Manufacturing PMI will be released today:

The US ISM Manufacturing PMI will be released today at 3:00 p.m. GMT. The forecast is 55.5.
It's a leading indicator of economic health and above 50.0 indicates industry expansion, below indicates contraction. It is expected to have high impact on the market.

Manufacturing PMI will be released today:

This is a very important indicator for the British economy. The forecast is 54.1 which will probably stay unchanged. If the actual data is higher than 54.1 the British currency will gain profit over other major currencies. The report will be released today at 9:30 a.m. GMT.

EUR/USD daily analysis:

The current price of the pair is 1.3884. According to the technical indicators the pair will probably continue its downtrend movement to about 1.3700-13650 in a couple of days.

Support levels:
1.3827    1.3840    1.3859

Resistance levels:
1.3891    1.3904    1.3923     

Nationwide: UK House Prices Rise 1.2% m/m:

UK house price inflation accelerated in January to 1.2% month on month, up from 0.5% in December, while the annual rate climbed to 8.6% from 5.9% in December, according to the Nationwide survey. The report suggests the economy may be strengthening in time for this year’s election after barely growing in the fourth quarter.

GBP/USD remains in uptrend:

Support:       1.6060   1.5910
Resistance:   1.6230   1.6400

Current price: 1.6164

* The technical indicators give signals for Long.

EUR/USD support and resistance points:

Support:         1.3873    1.3898    1.3913
Resistance:     1.3953    1.3978    1.3993     

* based on the 4 hour chart.

EUR/USD daily analysis:

Current price 1.3950. The pair remains in downtrend position and it looks possible the price around 1.3920-1.3900 to be reached later on today. A break below 1.3900 may take EUR/USD down to 1.3850.

US Unemployment Claims will be released today:

The report will be released today at 1:30 p.m. GMT. The forecast is 451K. In the previous release on Jan 19, 2010 the forecast was lower than the actual report number which was negative for the American currency. The number of unemployed people is an important signal of overall economic health. The actual report number must be higher than the forecast in order to move the US dollar in uptrend position.

GBP/USD daily analysis:

The currency pair trades sideways. The current price 1.6263 and it looks like the pair may go back to higher levels around 1.6290-1.6300 in a couple of days as long as the pair keeps above the resistance level which is located around 1.6280.

EUR/USD remains in downtrend position:

The current price EUR/USD 1.4025. The downtrend will probably continue down to levels around 1.3950-13900 in a couple of days.

Support levels:       1.3902    1.3929    1.3971
Resistance levels:   1.4040    1.4067    1.4109     

GBP remains in uptrend position:

Current price GBP/USD 1.6127. The resistance level is located at 1.6200, above this level will signal another rise towards 1.6500 area. At the moment technical indicators are giving mixed singals.

USD/CHF daily analysis:

Current price 1.0486. The pair remains in downtrend position. Despite the fact that the indicators are creating bearish movement for the CHF it could be seen later on today a rise towards 1.0500 zone. This is possible with the announcement of consumer confidence in France and the trade balance of Italy around noon.

EUR/USD daily analysis:

Current price 1.4047. The currency pair has been moving sideways in the last a couple of hours. The resistance is located around 1.4100. Another rise towards 1.4200 zone could be seen later on today depending on the New Home Sales report which will be published in the US today at 3:00 p.m. GMT. At the current hour EUR/USD remains in downtrend position. Strong sell at the moment down to around 1.4020-1.4010.

USD/JPY daily forecast:

Current price USD/JPY 89.61. The pair is still in downtrend position. Another fall towards 89.00-88.80 looks possible according to the market movements at this hour.

Prelim GDP looks positive for GBP:

The U.K. economy resumed growth by less than economists forecast in the fourth quarter as service industries and manufacturing expanded enough to pull Britain out of its longest recession on record. The data was published today at 9:30 a.m. GMT. There have been recent recovery signs - last week UK unemployment fell for the first time in 18 months. Despite the fact that the GDP indicates some kind of recovery the present trend of GBP/USD is testing strong sell. Current price is 1.6112.

German Business Confidence Rose to 18-Month High in January:

The report was published an hour ago and it supported the EUR against the USD. The current price of the pair is 1.4101. The CB Consumer Confidence will be published later on today at 3:00 p.m. GMT. If the actual report is higher than the forecast (53.6) we may see some positive movements for the European currency. At this hour according to the technical analysis EUR/USD is still in downtrend position. The pivot point is now located around 1.4095.

EUR/USD daily forecast:

Current price 1.4089. At the present time on the 4-hour chart it looks that the currency pair is in downtrend position. The German Ifo Business Climate will be released today at 9:00 a.m. GMT. If it comes out positive than we may expect that the EUR will gain some pips over the American currency. On the other scenario, I suppose that if EUR/USD falls below 1.4020-1.4000 another drop to 1.3950-1.3930 might be possible later on today.

US Existing home sales fall:

The data was released today at 3:00pm GMT and it had a negative affect over the USD. The EUR/USD rose with about 20-25pips after the report. Sales of previously owned homes suffered a record drop last month as the boost from a popular tax credit waned, raising doubts the housing market recovery can be sustained without government support. Current price EUR/USD 1.4151

EUR/USD support and resistance levels:

Support:       1.4135    1.4143    1.4148
Resistance:   1.4161    1.4169    1.4174     

* based on hourly chart!

Existing U.S. Home Sales Decreased 16.7% to 5.45 Million Pace:

Sales of existing U.S. homes plunged in December more than anticipated, the month after a government tax credit was originally due to expire. Purchases decreased 17 percent, the biggest decline since records began in 1968, to a 5.45 million annual rate from 6.54 million pace the prior month, the National Association of Realtors said today in Washington.

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A method of evaluating a security that entails attempting to measure its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. Fundamental analysts attempt to study everything that can affect the security's value, including macroeconomic factors (like the overall economy and industry conditions) and company-specific factors (like financial condition and management).

What is a long white Candle plus Doji:

Keep in mind that even after a doji forms, this doesn’t mean to automatically short. Confirmation is still needed. Wait for a bearish candlestick to close below the long white candlestick’s open.
If a doji forms after a series of candlesticks with long filled bodies (like black marubozus), the doji signals that sellers are becoming exhausted and weakening. In order for price to continue falling, more sellers are needed but sellers are all tapped out! Buyers are foaming in the mouth for a chance to get in cheap.

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Negative news for GBP:

The retail sales data was just released. It is below the expectations (1.3%) the actual report is  0.3%. The current movement of the currency is in downtrend position.

Retail Sales m/m to be released today:

The forecast is 1.3% which is more than the previous report when  the forecast was 0.5% and the actual number was -0.3% with a negative affect over the British currency. If the actual percentage today is higher than 1.3% we may see a short rise for the GBP. The current price is 1.6267 and a rise towards 1.6300 may be possible after positive report.

Support and resistance for EUR/USD:

EUR/USD based on the one-hour chart:

Support:       1.4086    1.4101    1.4111

Resistance:   1.4136    1.4151    1.4161

EUR/USD daily forecast:

Current price 1.4146 and on the one-hour chart it looks like we may see a short rise towards 1.4180-1.4190 in a couple of hours. On the other hand as long as the pair is not going over 1.4200 the downtrend should continue down to 1.4000.

US Unemployment Claims will be released today:

Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health. The data will be released today at 1:30pm GMT.

GBP/USD daily forecast:

Current price 1.6260. The expectations are that the pair could rise up to 1.6450-1.6500 in a couple of days. Despite the possibility of the rise mentioned above, the currency pair remains in mixed signals.

EUR/USD daily forecast:

The current price EUR/USD 1.4102 and the pair is still in downtrend position. We may expect that the pair will continue down to about 1.4050 as long as it does not go over the resistance level which is now located around 1.4150-1.4160.

Claimant Count Change looks positive for GBP:

Claimant count unemployment posted its second consecutive monthly fall in December, adding to evidence that the economy is recovering faster than expected from recession.

Building Permits to be released today:

The forecast is 0.59M. The previous release was on Dec 16, 2009 and the data stayed unchanged 0.58M. This time it may be also possible to see that the "Housing starts"  were probably stalled in the US due to bed weather conditions and foreclosures. The report will be released today at 1:30pm GMT. If the actual number is below the forecast the American currency may downtrend on the market.

USD/JPY daily forecast:

Current price 90.86 and the rise may continue up to a price of 92.10-92.30 later on today.

EUR/USD support and resistance levels:

Support levels: 1.4158    1.4171    1.4184

Resistance levels: 1.4210    1.4223    1.4236

EUR/USD daily forecast:

Current price 1.4189 and it seems quite possible that the currency pair will reach the price of about 1.4050 in a couple of days. The resistance is now located at 1.4300 and as long as we see the price below that price the downtrend will continue.

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. 

www.forexlive.com

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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