BULLISH ENGULFING Recognition:

The body of the second day completely engulfs the body of the first day. Shadows are not a consideration.
Pattern Psychology: This pattern suggests the Bulls are stepping in with force, suggesting prices will move up.

US Uneployment report - positive:

The report was released minutes ago. The actual report number is 9.7% better than the expected 9.6% and this will most likely trigger the US dollar in positive direction against other major currencies on the market.

Current trend EUR/USD - STRONG SELL

Resistance at 1.3510

US Unemployment rate report today:

Job losses in the U.S. probably accelerated in February as severe weather forced some employers to temporarily close, economists said before a report today. The report will be release today at 1:30 p.m. GMT. This could be negative news for the US currency.

UK PPI Input m/m will be released today:

The report will be announced at 9:30 a.m. GMT. It's a leading indicator of consumer inflation. The forecast is 0.1% and we should see higher number that this to be in favor of the British currency. On the previous report on Feb 5, 2010 the forecast was 0.7% and the actual report number was 2.0% which was positive for the GBP.

EUR/USD technical analysis today 05/03/2010:

Downtrend movement is still in favor for the currency pair. The resistance is located at 1.3780. As long as the pair remains below that level the downtrend movement towards the 1.3350 zone will probably continue. The technical indicators brought signals for taking short positions.
    
S:   1.3559    1.3565    1.3578
R:  1.3597    1.3603    1.3616
Current trend: SELL

UK Halifax HPI m/m to be released today:

The forecast is 0.3% and we should see higher number than this in order to see some positive movement for the GBP on the forex market. On the previous edition  on feb 4, 2010 the report was negative for the British currency. It's a leading indicator of the housing industry. The report will be released at 9 a.m. GMT.

GBP/USD technical analysis today 04/03/2010:

The currency pair remains in downtrend movement. Another fall towards the 1.4900 zone seems possible later on today. The technical indicators give signals for shorts.

R: 1.4992    1.5015    1.5030
S:  1.5068    1.5091    1.5106

Current trend: SELL

EUR/USD technical analysis today 04/03/2010:

The currency pair rose up to 1.3700 zone. It looks possible that another rise towards 1.3800 zone could be seen later on today. Keep in mind that the resistance is now located at 1.3700 zone and only a rise above that price would signal further rise towards the 1.3800 zone. Overall, the technical indicators brought mixed signals.

S:   1.3601    1.3624    1.3638 
R:  1.3675    1.3698    1.3712 

Current trend: SELL  

UK services PMI jumps more than expected:

LONDON (MarketWatch) -- Activity in Britain's dominant services sector expanded at a stronger-than-expected pace in February, according to purchasing managers. The CIPS/Markit purchasing managers index rose to 58.4 for the month, up from 54.5 in January and topping forecasts for a more modest increase to 55.5. A reading of more than 50 means a majority of managers saw a rise in activity, while a figure of less than 50 signals contraction. The services sector accounts for more than 75% of British economic activity. The British pound rebounded after the data to trade at $1.5049 versus the dollar up 0.6% on the day.

www.marketwatch.com

UK Services PMI will be released today:

The expectation is 55.0 and we should see a higher number than this in order to look for some positive movement in favor of the British currency. It's a leading indicator of economic health. The report will be released at 9:30 a.m. GMT.

EUR/USD technical analysis today 03/03/2010:

Currently the pair is in uptrend position. The downtrend movement is still in favor. There's a possibility for another rally up to the 1.3700 zone later on today. On the other scenario the pair is still considered in consolidation and another fall towards the 1.3400 zone is still valid.

Support:         1.3596    1.3608    1.3618
Resistance:   1.3640    1.3652    1.3662

Current trend: SELL

EUR/USD update:

The European currency may recover against the US dollar depending on the situation in Greece. At the present time it looks like the pair is in uptrend movement and the technical indicators are showing mixed signals. The downtrend movement may continue later on today. We may expect the rise for the EURO to continue if the pair goes above the 1.3650 zone.

GBP/USD technical analysis today 02/03/2010:

The GBP remains in downtrend position against the US dollar. We expect in the coming hours maintaining of the downward movement with targets around support around 1.4800. Break below it will signal levels around 1.4360.

Support:         1.4790    1.4821    1.4859
Resistance:   1.4928    1.4959    1.4997

Current trend: SELL    

EUR/USD technical analysis today 02/03/2010:

The currency pair is trading between 1.3450-1.3650. It looks like another fall towards 1.3350 zone could be possible later on today. The current price is 1.3504. The technical indicators are good for taking short positions.

Support:        1.3473    1.3488    1.3508
Resistance:   1.3543    1.3558    1.3578

Current trend: SELL

EU Unemployment Rate - positive:

Eurozone unemployment fell to 9.9% in the expected increase of 0.1%, signaling for strengthening of the economic recovery.

GBP/USD technical analysis today 01/03/2010:

The pair remains in downtrend position. Deeper decline is still in favor later today and next target would be at 1.5000 zone.

Support:        1.5071    1.5086    1.5110
Resistance:   1.5149    1.5164    1.5188      

Current trend: SELL

British Manufacturing PMI will be released today:

The forecast is 56.3. Ont eh previous report on Feb 1, 2010 the actual report was 56.7 which was above the expectations and it was positive for the British currency. The report will be released today at 9:30 a.m. GMT.

EUR/USD technical analysis today 01/03/2010:

The resistance of the pair is located at 1.3650. If the pair goes above the this level we may expect the rise to continue. Otherwise, it looks like the pair is in downtrend position at the present time and possible fall to 1.3400 zone may be possible later on today.

Support:       1.3557    1.3572    1.3597
Resistance:  1.3637    1.3652    1.3677  

Current trend: SELL

The Major Signals:

DOJI  Recognition: The open and close are the same or very close to the same.  

Pattern Psychology: The Bulls and the Bears are conflicting. This is an alert to investors to take heed for possible trend reversal.

GBP Nationwide HPI m/m - negative:

The report was released about an hour ago. The actual report is -0.1% which will be considered to be negative for the British currency. Despite that fact on the market the GBP looks like it remains in downtrend position. The technical indicators give signals for short positions.

EUR/USD technical analysis today 26/02/2010:

It looks like the pair keep moving sideways. Downtrend may continue during the day today. Current price 1.3559 and another fall towards 1.3400 zone could be seen later on today. On the other hand the resistance is located at 1.3700 and if it goes over this level than we may see a rise towards the 1.4100 zone.

Support:       1.3544    1.3558    1.3567
Resistance:   1.3590    1.3604    1.3613     

Current trend: SELL

GBP/USD technical analysis today 25/02/2010:

At the present time the currency pair remains in downtrend position. Current price 1.5294. Today the economic calendar will be exported data for business investment forecast to show improvement over the previous period, which could have some support to the sterling towards the zone around 1.5420, which may be considered for taking short position on the market.

Support:        1.5250    1.5271    1.5287
Resistance:   1.5324    1.5345    1.5361

Current trend: SELL

EUR/USD technical analysis today 25/02/2010:

Current price 1.3489. It looks like the downtrend movement is still in favor. Possible drop to 1.3350-1.3400 could be seen later on today or tomorrow. On the other hand we may see another rise up to about 1.3800 zone.

Support:        1.3448    1.3466    1.3482
Resistance:   1.3516    1.3534    1.3550 

Current trend: SELL

US new home sales fell:

The report was negative for the American currency. It looks like it is a sign that an extension of a government tax credit may not be enough to rekindle demand.

US dollar overview:

The U.S. dollar was down against most other major currencies on Tuesday, amid speculation that the Federal Reserve would banish talk of early monetary tightening and keep its target interest rate at a record low.

EUR/USD technical analysis toda 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.

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