Rethink Foreign Exchange

. Bias:        While 1.1340 caps I feel a pullback below 1.1290 will extend losses to 1.1227 and 1.1185 at least

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EURUSD The Euro recovered some lost ground today after reaching fresh lows at 1.3745 on yesterday. Nearby resistance is on focus at 1.3885/00 followed by 1.3950 and 1.4 . Support starts at 1.3800 backed by 1.3745 and 1.3690. Intraday studies are bullish at the time of this writing and large moves are possible today due to the NFP data release in the US. Current quote is 1.3865 @06:35 GMT Support levels: 1.3840, 1.3800, 1.3745/50 and 1.3690.  Resistance levels: 1.3885/00, 1.3950 and 1.4

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EURUSD The Euro continues is under renewed pressure since the psychological bottom at 1.4 has been broken and the recent low at 1.3880 is on focus. A sustained break of the said support may open 1.3690. Both daily and hourly studies are bearish. On the upside, resistance starts at 1.4 followed by 1.4080 and 1.4160. Below 1.3880 support is formed at 1.3840, 1.3750 and 1.3690. Current quote is 1.3944 @06:35 GMT Support levels: 1.3880/85, 1.3840, 1.3750 and 1.3690.  Resistance levels: 1.4,

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Last week’s currency trading review The Dollar was again volatile last week, beginning the week softly before gathering steam as speculation grows around the notion the Fed is nearing the end of cutting rates. Fed officials avoided the topic of monetary policy through the week and focused more on the need for transparency in the financial system to allow the crisis to be fixed. New Home Sales decreased to 526k, down from the forecasted 580k. Durable Goods Orders came in slightly above the

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———————————————————— INTRA-DAY USD/JPY OUTLOOK :                 104.60 Updating time :28 Apr 2008 05:58 GMT Dlr’s retreat fm Asian morning high of 104.83 suggests recent ‘erratic’ upmove has formed a temp. top there n sideways trading is envisaged, reckon 104.25/30 wud contain weakness n bring rebound but abv said res is needed to extend gain twd 105.00. Buy on dips with stop as

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The Euro declined on yesterday reaching lows at 1.5510 but then recovered during the US session and erased all its losses, closing into the 1.5670 area. Strong intra-day barrier is formed by 1.5700 so far and a break higher into the second half of the 1.57 area is needed to confirm a resume of the uptrend on a short-term basis. Such break higher would point our attention at 1.58 and above as there may occur some new tests. Support is currently seen at 1.5635 backed by 1.5595 then 1.5550 and

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The Euro continues to advance higher versus the U.S. dollar setting fresh record highs constantly. The overall sentiments on the greenback remains extremely weak with EURUSD scoring new record highs above the 1.56 mark. With such strong momentum on the Euro we won’t even get used to writing “1.5xx” until the pair will be already into the 1.6 zone. The downside risk is high at current levels due to potential Central Banks interventions but while uptrend is intact, any retracements would be

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——————————————————– INTRA-DAY GBP/USD OUTLOOK :             2.0330 Updating time : 14 Mar 2008 06:06 GMT Despite intra-day breach of 2.0337, cable’s sub sequent retreat fm 2.0359 suggests further consoli- dation below y’day’s high at 2.0390 is in store n risk is seen for pullback twds 2.0281/91, however, prev. sup at 2.0252 shud contain downside. Exit long n stand aside. Abv 2.0359 wud revive near term

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******************************************* INTRA-DAY EUR/USD OUTLOOK :                 1.5602 Updating time :14 Mar 2008 07:46 GMT Euro’s retreat after rising to a marginal high at 1.5652 suggests an intra-day top has been formed there n consolidation with mild downside bias is seen, however, reckon 1.5550 wud contain weakness n sup at 1.5522 wud hold. Sell on recovery with stop as indicated, only abv 1.5652 wud risk

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Last week?s currency trading review The Dollar ended the week sharply lower on intensifying views the U.S was headed into a recession. No single piece of data highlighted the concerns as much as Non-Farm Payrolls on Friday which confirmed a decline in -63k jobs for the month of February, with future markets fully pricing in 75bp rate cut on March 18. Both ISM indices showed further contraction with ISM manufacturing index deteriorated once more with a reading of 48.3 in February lowest reading

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