Greenback Remains Strong...

More clear signs the Euro won't recover any time soon, as it continued rallying to the downside reaching as low as 1.4860 levels, as now descending channel is wide open, personally nobody in the financial markets are not taking into consideration any technical analysis, as they are now waiting for the GDP reading which will be released later this week, where growth might befalling into a contraction. If we look at the technical indicators we will notice that the pair dipped more in an extremely oversold area, which means that the Euro must be rising any time soon but the effect of fundamentals are having all of the effect, but euro might be facing a support at 1.4845 levels.

The strength the US dollar gained is pushing majors to record low level, where the pound continued its downside movement reaching a low of 1.9010's, the movement of the Royal currency will be depended on the inflationary data which are to released later today, so if inflation rises to escalate the pound will plunge down facing a major support at 1.8879 levels. Still movements are not explained and markets are extremely volatile and risky for average investors to involve in those hectic movements.

Finally the USD/JPY is still gaining against majors, trading above the 110 levels with no expectation that it would be dropping any time soon, even when it falls in an extremely overbought area, a minor resistance is found at 110.36, but the next resistance is above 111.0 levels; but if the US dollar decides to weaken just to create a sold base to surge once again, a support levels are seen at 109.15 and then major stands at 108.39 levels.

Crown Forex

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