The EURUSD had another indecisive movement yesterday. Price attempted to push higher topped at 1.3320 but the bullish momentum was disappointing and now retesting 1.3240/50 support area. I still prefer a bullish scenario at this phase with buy on dips intraday strategy still testing 1.3375 as the nearest bullish target but a clear break below 1.3200 – 1.3150 would activate my wait and see mode

The pair couldn't hit SMA 100 and started to show a slight bearish tendency as seen on the provided daily graph. Meanwhile, trading continued above the pivotal support of 1.3230 and also above SMA 50. The bearish picture will not come back into focus unless we witness a daily closing below the aforesaid level. The contrarian between the above mentioned factors forces us to stay aside over intraday basis until an actionable setup presents itself to pinpoint the upcoming big move.

AUD/USD weaken during the Asia morning on not much more than a slowing of the bullish momentum and market review of the Greek crisis. However, as the pair approached solid buying at 1.0735 the better than expected Chinese CPI data gave a lift to the price, which had the pair back above 1.0800 before Europe had walking into the markets.

The AUD/USD started the week giving back last Friday's gains. However, after the RBA meeting revealed that it left rates unchanged at 4.25% instead of the expected cut to 4.00%, the market bid up the AUD/USD, pushing it beyond 1.0800. It has since found resistance just below 1.0845. The market is trading sideways again, in a slight congestion as the 1H chart shows higher lows and a lower high. The RSI is also starting to be stuck between 40 and 60. The RSI reading also shows that there is a bullish bias as the indicator level had been able to tag 70, mostly staying above 40, and failing to tag 30.

Dollar-Swiss failed to extend its downmove strongly below 0.9100 and has bounced back well from its low of 0.9090. It will have to be seen whether the pair gains upside momentum for further rise. The pair could find Resistance in 0.9160-80 region which could keep it pressured on the downside. We will have to wait and see what happens.

After the resumed negotiations concerning further reductions in pension benefits between the Greek Prime Minister Papademos, the representatives of European Union and the International Monetary Fund, the EUR was able to keep its two-day advance versus the JPY. In an e-mail statement announced Papademos that an agreement with the other political parties concerning the required reforms could be reached except of one point. This news supported the capital markets with positive momentum, although the investor sentiments are still critical. But further gains were limited by the scheduled meeting of the European finance ministers and the officials of the ECB for discussing the further monetary policy of the ECB. Today, the ECB and the Bank of England will announce the latest interest rate decisions. According to Bloomberg, the key benchmark will not be lowered by the ECB and remained at 1 percent. But in contrast to the EUR, the GBP was weakened through the growing speculations regarding an expansion of the current bond purchasing program of 50 billion GBP and the today's monetary policy meeting of the BOE.

The pair has achieved one more daily closing above the initial resistance of 1.3225-1.3230 suggesting that the bullishness will continue over intraday basis. SMA 100 becomes a technical objective followed by the next key resistance around 1.3415 zones. Stochastic also remains positive reinforcing our constructive outlook. Only a break below 1.3125 will give us a reason for concern.

EUR: Euro is currently trading at 1.3253 levels. Euro is trading firm even though Greek political leaders yet again failed to sign off on a tough reform and austerity programme to secure the most vital new international bailout, but Prime Minister Lucas Pademos has said that they would try to strike a deal very soon. Investors are still positive that somehow Greece will avert default and will strike a deal with its private Investors. Looking ahead Euro key interest rates at today's monetary policy decision is expected to stay unchanged. Support is seen at 1.3141 levels (55 days daily EMA) and resistance is seen at 1.3319 levels (100 days daily EMA). EUR/INR is at 65.44 levels. EUR/INR is like to trade in the range of 65.00 and 65.60 levels for the week. Short Term Bullish Medium Term Bearish. Break of 1.33 on a closing basis would turn the outlook quite bullish otherwise still in range of 1.26-1.33.

AUD/USD during Asia drifted down to find support at 1.0780 with no real momentum to back below small bids which built up towards the end of the US session. It wasn't until the European morning and a positive run of the majors and again some caught intraday shorts buying as the pair again broke above 1.0800, which saw a test and break of the previous high to post a 6mth top of 1.0845. Slow US equity markets and the Troika draft report being delivered to the market has got the markets asking more questions than before. How will the Greek Gov cut medical spending from 1.9% to 1.5% of GDP with such a high number of pensioners. Anyway, the AUD fell back below 1.0800 to hit our major support line of 1.0765 before closing the day at 1.0792. Data free Thursday for the Australian markets, however, there is a lot of European session releases, which could have a large bearing on the price of the AUD at the time of the data releases. A break below 1.0765 is this a pivotal level to us with a likely fall to 1.0725 possibly 1.0655.

Cable fell from its high of 1.5929 to 1.5870 and is bouncing back from its low now. We need to see a strong bounce back above 1.5900. As of now we do not see any immediate downside threat and we remain bullish for a rise to 1.6000-30. However, if it fails to rise above 1.5900 now, then there could be chances of testing 1.5820-00 on the downside. We will have to wait and see. As of now we are exiting the Long position entered in the morning.

The EURUSD had a strong bullish momentum yesterday, broke above 1.3240/50 and hit 1.3286 earlier today. We have a breakout from the range area suggests further bullish scenario as a part of the bullish phase after the break above the trend line resistance as you can see on my h4 chart below. The bias is bullish in nearest term testing 1.3375. Immediate support is seen around 1.3240/50 (former resistance). A clear break back below that area could lead price to neutral zone in nearest term but any downside pullback now is normal and as long as stays above 1.3150 my overall intraday bias remains strongly to the upside.

The daily closing above the initial resistance of 1.3225-1.3230 succeeded in drawing a bullish candlestick pattern -long white candlestick- as seen on the provided daily chart. Now, SMA 100 at 1.3335 followed by 1.3375 become technical objectives for the upside momentum seen yesterday. Moreover, Stochastic has fixed its negative sign seen during the past 10 days. In result, potential upside move might be witnessed today but we should be careful as a break back below 1.3125 will bring the negative picture back into focus.

EUR: Euro is currently trading at 1.3248 levels. Euro is positive on Investors speculation that somehow Greece will avert default and will strike a deal with its private Investors although ground reality as for now is very different and Greek parties will try yet again today to strike a reform deal in return for the new international rescue. Yesterday German Industrial Production m/m data came out weaker. Support is seen at 1.3136 levels (55 days daily EMA) and resistance is seen at 1.3318 levels (100 days daily EMA). EUR/INR is at 65.00 levels. EUR/INR is like to trade in the range of 64.80 and 65.30 levels for the week. Short Term Bullish Medium Term Bearish.

Cable is trading sideways between 1.5790-5840 now. The overall view remains bullish with strong Support in 1.5775-50 region. A rise to test the 200-DMA Resistance (currently at 1.5936). Also the chances of this upmove extending further to 1.6000-30 cannot be ruled out. Having said this dips to 1.5775-50 Support region can be bought.

AUDUSD - With AUDUSD reversing its Monday losses and challenging its psycho level at 1.0800, the risk is for further strengthen to occur. This if seen will leave the possibility of targeting the 1.0900 level, representing psycho level on the table. Further out, the next upside target resides at the 1.1000/4 levels and ultimately, its July 27’2011 high at 1.1078. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, on any pullbacks, the 1.0749 level, its Oct 27’2011 high where a reversal of roles as support will occur and then turn the pair back up. However, if this fails to happen, we could see the pair aiming at the 1.0569 level, its Oct 31 high with a violation opening the door for a run at 1.0444 level. Below here will set the stage for further declines towards the 1.0230 level, its Jan 13’2012 low. All in all, the pair faces the risk of strengthening further

SMA 50 continued representing a hard technical obstacle that prevents the pair from collapsing as seen on the provided daily chart. We added Keltner channel to our graph where we can see how trading is stable below the middle line of the indicator. Meanwhile, Stochastic and OsMA remain negative; thus, we keep our bearish overview unchanged over intraday basis. A break below 1.3045 will trigger panic sell-off actions.

The EURUSD had another indecisive movement yesterday. Price attempted to push lower, bottomed at 1.3027 but further bearish pressure was rejected, closed higher at 1.3117. There are no changes in my technical outlook. The bias remains neutral in nearest term with potential range area between 1.3240 – 1.3000/25. We need a clear break from the range area to see clearer direction. Overall price is still in a bullish phase since bounced from 1.2625 and broke above the trend line resistance but need a clear break above 1.3240 to continue the bullish scenario. On the downside, a clear break and daily close below 1.3000 could stop the bullish phase testing 1.2930 probably lower. Aggressive intraday traders can still long around 1.3000/25 or short around 1.3240/50 with tight stop loss, taking advantage of this sideways condition.

AUD/USD was initial taken lower during Monday morning trade by the developments regarding the next round of funding for the Greek's, which looks a little shaky and then the weaker than market expected Australian Retail Sales numbers. We were leading to the downside on the number due to the heavy discounting from the department and retail stores leading into xmas, which is something which hasn't been seen for years. Anyway, the price continued to remain heavy during the European session and managed to find a low of 1.0680. The support we reported yesterday at 1.0675 was more than enough to hold up a slow moving market. The price recovered during the US session on nothing much than position squaring and a better bid S&P500! Today will be all about the RBA with almost every economist picking a 25bp cut, whilst we favour the cut we are leaning towards the almost unheard of move by the RBA of 50bps. We have changed our bias ahead of time as we like the look of the charts for a return towards 1.0600 even without the RBA.

The AUD/USD rallied above last week's 1.0683 range resistance before setting up 1.0750 area as the next range resistance, which was broken to the upside after the better than expected Non-Farm Payroll data from the US. This week, the market fails to sustain the rally, falling back to 1.0683 to test as support again. The 1H chart shows that the market is basically consolidating and respecting 1.0683.

Euro 1.3120 Initial support at 1.3000 (Big Figure Support) followed by 1.2931 (Jan25 low). Initial resistance is now located at 1.3151 (Feb 6 high) followed by 1.3386 (Dec 12 high)