Daily Technical Outlook

EURUSD

Former support around 1.2770 was tested and held, as I was expecting in my article yesterday, and downside pressure remains high. Euro's come back after the 1.2770 attempt was probably caused by ECB chief economist Juergen Stark who said that German banks need more capital. Support trend line coming from 1.2585, connecting the weekly lows until now, is again in focus. Potential breakdown should offer a fresh selling opportunity - aiming towards 1.2500. On the upside, same 1.2770 is where to look for a confirmation if the euro recovers, but for now - the downside remains favored. Today's most important events in the economic calendar are the German CPI, ECB monthly report, Trade Balance and Initial Jobless Claims later today, in the U.S. Current quote is 1.2703 @05:33 GMT

Support: 1.2650/75, 1.2600 and 1.2500
Resistance: 1.2770/00, 1.2850, 1.2900/20 and 1.3000
Market sentiment: long term - bearish, medium term - slightly bullish, short term - bearish, intra-day - bearish

Gold

EURJPY

GBPUSD

USDCAD

About the Author

Innerfx

Legal disclaimer and risk disclosure

InnerFX and/or its author(s) shall not be responsible for any loss arising from any investment or trading decision based on any recommendation, forecast, strategy or other information herein contained. The contents of this article should not be construed as an express or implied promise, guarantee or implication by InnerFX and/or its author(s) that readers and subscribers will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations / strategy in an analysis, especially leveraged investments such as Foreign Exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated. Trading in the Currency Exchange market is a challenging opportunity where above average returns are available to educated and experienced investors who are willing to take above average risk. Past performance does not guarantee similar performance in the future. Check http://www.innerfx.com/disclaimer for full disclaimer. You may not post this (or part of this) article to forums, newsgroups, mailing lists, electronic bulletin boards, websites, or other services, without the prior written consent of InnerFX.

Forex Brokers

Sponsors

Forex Expos