GBP technical outlook:

Current price 1.5415 and it looks according to the technical indicators that the pair will continue its downtrend movement.

S:   1.5409    1.5420    1.5432

R:   1.5455    1.5466    1.5478

Current trend: SELL

Evening report:

The dollar gained against most of their major counterparts as reports showing declines in German business and U.S. consumer confidence spurred investors toward the safest assets.

EUR/USD:
S:   1.3486    1.3497    1.3509
R:   1.3532    1.3543    1.3555  

Current trend: SELL  

Germany Business Confidence Drops:

German business confidence unexpectedly declined in February as below-average temperatures and snow damped construction. The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, fell to 95.2 from 95.8 in January. Economists expected a gain to 96.1, according to the median of 37 forecasts in a Bloomberg News survey. This was negative news for the European currency. The currency pair EUR/USD has dropped with about 60-70 pips, so far on the market after the report was announced. Further decline for the EUR may continue during the American session today.

Economic calender for today:

Today the economic calendar for the euro area lacks significant releases to support the euro. Indicators have brought mixed signals which will probably continue during the whole day today.

EUR/USD technical analysis today 22/02/2010:

The currency pair looks in downtrend position. We may see levels around 1.3550 in a couple of days. On the other scenario if the pair breaks above 1.3700 we may see the currency pair back to around 1.4050.

S:   1.3610    1.3618    1.3623
R:   1.3636    1.3644    1.3649      

Current trend: NEUTRAL

EUR/USD technical analysis today 24/02/2010:

The market is currently locked in some sideways consolidation, with technical studies in the process of unwinding from recently oversold levels. The pair should reach the resistance level which is located around 1.3400 zone. Downward trend remains in favor of the dollar, and we expect test in support around 1.3416, which in the case of the bridge will open the way to the key levels at 1.3080.

UK Retail Sales m/m will be released today:

The forecast is -0.5% and we must see a higher number than that in order to see some support in favor of the British currency on the market. On the previous report on Jan 22, the actual report number was lower than the expected and it had a bit of negative affect over the GBP. The report today will be released at 9:30 a.m. GMT.

EUR/USD technical analysis today 19/02/2010:

The pair dropped sharply in the Asian session. The downtrend may continue during the session today and may target levels around 1.3250. Positive data from the Eurozone economic calander may trigger the currency pair back to 1.3550. It looks like the best way to trade EUR/USD today is to take short positions.

S:   1.3439    1.3447    1.3458
R:   1.3477    1.3485    1.3496      

Current trend: SELL

EUR/USD possible support at 1.3550-1.3530:

Current price 1.3565. We expect in the coming hours appreciation of the euro, reaching at 1.3630/50 area and the upper limit of the diagonal resistance, then a new rise in U.S. currency with a target 1.3500. Technical indicators made signals for shorts.

EUR/USD technical analysis today 18/02/2010:

Current price 1.3550. It looks like the downtrend movement may continue today or again we may see some sideways movement on the market.

S:   1.3468    1.3504    1.3523
R:   1.3578    1.3614    1.3633

Current trend: SELL

US Unemployment Claims will be released today:

The report may have some strong impact over the US dollar on the market. The released is scheduled for 1:30 p.m. GMT. The forecast is 440K. Below this number will indicate positive movements in favor of the American currency. On the previous report on 11/02/2010 the forecast was 460K and the actual report was 440K.

US Building Permits will be released today:

The forecast is 0.63M and in order to see some movements in favor of the US dollar the actual number must be higher than the forecast. The building permits are excellent gauge of future construction activity and it gives a good sign for better economy.

EUR/USD technical analysis today 17/02/2010:

The single currency rose against the dollar after breaking out of the descending price channel signaling a possible change in of the downward trend, which will be confirmed only after a rise above 1.3850 which will set the target zone around 1.4000.

S: 1.3750    1.3754    1.3760
R: 1.3750    1.3754    1.3760

Current trend: BUY

Watch 1.3600 for EUR/USD:

Current price of the pair 1.3641. Technical indicators remain neutral unless the pair breaks below 1.3600 zone. If that happens we may expect some strong downtrend movement around the 1.3550-1.3500 zone later on today.

ZEW sentiment index falls to 45.1 in February:

FRANKFURT (MarketWatch) -- The ZEW indicator of economic sentiment for Germany fell to 45.1 in February from a reading of 47.2 in January, the Mannheim-based Center for European Economic Research, or ZEW, said Tuesday. Economists had forecast a decline to 40, according to Action Economics. The ZEW index measures the response of professional investors polled on their expectations for the German economy over the next six months. Read more

EUR/USD technical analysis today 16/02/2010:

The EUR has risen from 1.3592 up to 1.3655 over the night and it is trading around the 1.3550 at the present time. Further decline could be seen later on today. If it continues to rise over the 1.3700 zone we may see higher levels like 1.4000 in a couple of days.

S:  1.3609    1.3622    1.3637

R: 1.3665

1.3678

1.3693

Bank holiday in the US:

Banks facilitate the majority of foreign exchange volume. When they are closed the market is less liquid and speculators become a more dominant market influence. This can lead to both abnormally low and abnormally high volatility.

EUR/USD technical analysis today 15/02/2010:

Current price 1.3609. At the present time most indicators are giving mixed signals. Sideways movement could be seen during the sessions today.


S:   1.3562    1.3578    1.3585
R:   1.3608    1.3624    1.3631     

Current trend: SELL

GBP/USD technical analysis today 12/02/2010:

It looks like the pair remains in downtrend position. Current price 1.5720. We may seen further fall towards 1.5600 zone if the currency pair breaks below 1.5650. No major events on the forex calender for the GBP today.

Support:          1.5620    1.5645    1.5674
Resistance:    1.5728    1.5753    1.5782     

Current trend: BUY

EUR/USD technical analysis today 12/02/2010:

The pair has been trading between 1.3600-1.3700 over night. Current price 1.3647. If the pair breaks below 1.3560 I'd expect further decline to continue down to 1.3500.

Support:         1.3636    1.3646    1.3659

Resistance:   1.3682

1.3692

1.3705

Current trend: SELL

Unemployment Claims in U.S. Decline More Than Forecast:

The report was released more than an hour ago and it looks positive since the actual number is 440K which is lower than the expectation of 460K. Currently the currency pair EUR/USD is in downtrend position. Possible levels of 1.3655 could be seen in a few hours. I'd recommend strong sell at the moment. I will sell at 1.3650 and will expect downtrend to continue. The pair will probably test the zone of 1.3620-1.3630.

Comment: Position sold at 1.3608 (profit of 42 pips)

US Unemployment Claims will be released today:

The US Unemployment Claims report will be released today at 1:30 p.m. GMT. The US economy may strengthen soon and we may expect positive news after the report. The forecast is 460K and if the actual report number is lower than the forecast we may expect some strong movements in favor of the US dollar on the forex market.

GBP/USD technical analysis today 11/02/2010:

Current price around 1.5620. Another fall towards 1.5500 zone could be seen later on today. There are no major events for the British pound on the forex calender for today and sideways movement could also be seen on the market during the day.

Support:       1.5593

1.5611

1.5625

Resistance:   1.5657    1.5675    1.5689   

EUR/USD technical analysis today 11/02/2010:

The currency pair has pulled back from 1.3650 zone and at the present time the pair has been trading between 1.3700-1.3780. EUR/USD is in consolidation and it looks possible for another fall later on today towards 1.3650-1.3630.

Support:       1.3743    1.3758    1.3771
Resistance:   1.3799    1.3814    1.3827

US Trade Balance - negative:

The US Trade Balance report was released minutes ago. The actual report number was -40.2B which is lower than the forecast which was -35.8B. Now at the market EUR/USD is in downtrend position. We may see a rise towards 1.3780 later on today.

Current trend: SELL

French Industrial Production m/m negative:

The report was released minutes ago. The forecast was 0.6% but the actual report is 0.1% which is below the expectations and now it may have a medium negative impact over the European currency on the forex market.

GBP/USD technical analysis today 10/02/2010:

Current price of the pair 1.5675 and another fall could be seen towards 1.5500-1.5500 zone. The pair still shows a lot of sideways movements.

Hourly support and resistance levels:

S:   1.5603    1.5631    1.5651
R:   1.5603    1.5631    1.5651

Current trend: SELL

EUR/USD technical analysis today 10/02/2010:

The currency pair still remains in downtrend position. Current price 1.3773. I will expect another fall towards 1.3600 later on today. On the other scenario if the currency pair breaks above 1.3900, I would expect another rise above 1.4050 zone.

Hourly support and resistance levels:

S:   1.3666    1.3700    1.3723
R:   1.3780    1.3814    1.3837

Current trend: BUY

GBP trade balance negative:

The actual report number is -7.3B which is lower than the forecast number -6.6B. Downtrend movement for the GBP against the USD looks possible on the one hour chart.

British trade balance will be released today:

The difference in value between imported and exported goods during the reported month will be released today at 9:30 a.m. GMT. The forecast is -6.6B. We need to see higher number than the forecast in order to expect some positive movements in favor of the GBP on the forex market. 

* medium impact on market

GBP/USD technical analysis today 09/02/2010:

Current price of the pair 1.5630. We may see sideways movements during the European session. GBP/USD will probably continue its downtrend movement towards 1.5500-1.5450 zone.

Hourly support and resistance levels:

S:   1.5577    1.5590    1.5615
R:   1.5653    1.5666    1.5691

Current trend: Neutral

EUR/USD technical analysis today 09/02/2010:

The currency pair has bounced from the falling price around 1.3500 and now it is trading around 1.3650-1.3700. We may see the rise to continue up to 1.3750-1.3780 later on today. On the other hand we may see another drop towards 1.3500 zone is still possible after consolidation.

Hourly based Support and Resistance levels:

S:   1.3668    1.3680    1.3702
R:   1.3736    1.3748    1.3770

Current trend: BUY

Swiss Retail Sales y/y will be released today:

The Swiss retail sales will be released today at 8:15 a.m. GMT. There will action in USD/CHF around this release.

EUR/USD technical analysis today 08.02.2010:

The  pair continues its downtrend movement. On the 4-hour and the one day chart and looks like the currency pair may continue to a deeper decline.

support:      1.3606    1.3623    1.3633
resistance:   1.3660    1.3677    1.3687

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GBP/USD technical analysis 2/5/2010:

Current price 1.5680. The pair looks like it may remain in downtrend position. It will depend on the PPI Input m/m report which may support the GBP in positive direction.

Current trend: STRONG SELL

PPI Input m/m will be released today:

It's a leading indicator of consumer inflation. The previous report on Jan 8, 2010 was positive for the GBP because the actual report was higher than the forecast. This time the forecast is 0.7% and a higher number than that will be in favor for the British currency. The report will be released today at 9:30 a.m. GMT.

EUR/USD technical analysis today 2/5/2010:

The EURO has dropped sharply during the Asian session and the current price is 1.3663. The fall will probably continue down to 1.3600-1.3610 later on today.

Current trend: STRONG SELL

Support:     1.3610    1.3646    1.3650
Resistance: 1.3710    1.3736    1.3748

US Unemployment Claims will be released today:

The US Unemployment Claims will be released today at 1:30 p.m. GMT. It's generally viewed as a lagging indicator but it may have some positive impact over the US currency if the actual report number is lower than the forecast which is 461K.

Halifax HPI m/m will be released today:

On the previous report on Jan 7, 2010 the actual percentage 1.0% was higher than the forecast 0.6% and the report had a positive impact over the British currency. Today the forecast is 0.9% and the report will be released at 9:00 a.m. GMT.

GBP/USD technical analysis today 2/4/2010:

Current price 1.5878. If the pair breaks below 1.5820, I will expect that pair will test another fall towards 1.5750 zone. On the other hand if the pair breaks above 1.5950 we may expect another rise towards 1.6000-1.6500.

Support:  
1.5873    1.5883    1.5890

Resistance: 
1.5907    1.5917    1.5924

* based on the one hour chart!

Current trend - STRONG SELL

EUR/USD technical analysis today 2/4/2010:

The currency pair remains in downtrend as well as it was yesterday. Current price 1.3872. Another fall towards 1.3800-1.3780 looks possible in a couple of days.

Resistance levels: 1.3882    1.3893    1.3898

Support levels :    1.3866    1.3877    1.3874

* based on the one hour chart!

Current trend - STRONG SELL

Retail sales below expectations:

The European retail sales failed to recover as expected in December. The forecast was 0.4% but the actual percentage is 0.0% which is negative for the European currency.

Strong sell GBP/USD:

Negative news reported for the services PMI which will most likely move the GBP in downtrend level. Current price 1.6017. I expect that the price will move down to about 1.5990 within the next hour or two.

* Trade at your own risk! 

Updated at 2:20pm - Profit of 42 pips! Bought at 1.6017, sold at 1.5970.

EUR/USD support and resistance levels:

Support    1.3925    1.3870    1.3800   

Resistance    1.3975    1.4000    1.4055

GBP/USD technical analysis 2/3/2010:

The dollar weakened its pressure on sterling in the American session, in the coming hours would expect a test the resistance zone at 1.6015-1.6025 from where we forecast downward movement to be resumed at 1.5910-15930 and price movement to levels around 1.5840-1.5860. Moving above the 1.6030 price will cancel forecast for a downward movement with a probable target upper border of the descending price channel at 1.6100-1.6120.

EUR/USD technical analysis 2/3/2010:

According to the technical indicators the currency pair remains in downtrend position. If the pair breaks above 1.4050 that will indicate that the pair will probably rise up to 1.4250-1.4300 levels. On the other hand the pair will continue its downtrend to 1.3800-13820.

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.