The pair fell heavily yesterday, following U.S. Stocks, yet already recovered almost the 50 % of the fall, reaching the daily pivot point (as usually does, after this movements) Quoting around105.15, and with indicators suggesting a bullish continuation, the pair is very close to first resistance zone, at 105.25, that should be broken in order to continue ti the next tough zone around 105.50/60. Only above this last the pair could gain bullish momentum, first to 106.05 and finally  the zone around 106.38. Supports from here will be at 104.86, followed by the zone around 104.45 and finally 104.10. As is happening these last weeks, any dip in the pair seems to be a great buying opportunity.

Sep 30th. Consolidating around 1.8030, the pair has not a certain direction at the moment, yet keeping the bearish over view: under 1.7984, the pair will attempt to continue to next support zone around 1.7920/30, that if broken will trigger more bearish momentum being next supports 1.7852 and finally 1.7810. Regarding resistances, only above 1.8085 the pair could recover the 1.8115 that once broken will deny the bearish continuation and send the pair first, to 1.8190 and finally the zone around 1.8240.

If you want to read every thing that’s happening with the U.S.  plan, you will find all the information and great comments following next link:

http://www.fxstreet.com/fundamental/analysis-reports/special-coverage/2008-09-30.html

Thanks Marina!

Sep 30th: Despite yesterday´s turmoil, the pair remains bearish in 4 hours charts. Quoting around 1.4330, take a look at the following chart: the pair is fighting the last barrier, the 76.4% retracement of the last up leg; only a confirmation under it could send the pair first to the zone @ 1.4275, followed by 1.4220 and finally 1.4180. To the upside, resistances will be at 1.4365, followed by the zone around 1.4390 and finally the descendant trend line that converges with the 61.8% of the same rally, around 1.4425.

Sep 30th. Hi everybody hope you are fine. I saw some comments in majors daily technicals posted today, so from now on, I will add the date at the beginning of each, in order to avoid any confusion. Anyway, there’s no much to add to what we have been seeing these days: the Congress failed to approved the bailout (aren’t you a bit tired of hearing about it? I am) triggering panic in stocks, that fell sharply, and causing spikes (huge ones in fact) later in the American session against greenback, neutralized by this moment.  Yet not only the U.S. is in trouble: Euro zone inflation eased for the second month in a row in September, prompting speculation that the ECB could soon cut interest rates amid increasing risks of an economic downturn, not to mention troubled banks in Germany and France recession. Again, forces are fighting not to claim the stronger as the winner, but the less weak, and in between market offers short term oportunitties all across the board. For today, we have the following news, East Time, in the U.S.:

• 09:45 Chicago PMI September (Expecte 54.0 Previous 57.9)
• 10:00 Consumer Confidence September (Expected 55.0 Previous 56.9)

Have a great day!

I have been asked about how to manage risk, and place stop losses a few days ago: in half an hour, I will be conducting a webinar about it, and if you wish so, place the material latter here.

You can register following next link:

http://www.fxstreet.com/live/sessions/session.aspx?id=326d0b97-dee9-4ae6-963d-861d20dd2db1

See you there!

The pair is as always, dancing alone. With no clear direction as the pair remains contained in range, major trend is still slightly bearish, yet 105.00 zone is still the base of any attempt to break lower, and a great rebound zone once reached. from actual 106.25, and with a congestion zone very close to the upside, only above 106.62 the pair could move further to the zone around 107.00 and finally 107.27; under 106.05, next important supports will be at 105.55 and 105.20 both proved rebound zones these last days.

The pair is falling unstoppable (already 400 pips from the maximum) and without signs of finding a near term bottom, after clearly broken the ascendant daily trend line that was guiding the pair. Actual minimum around 1.7960 will be the first support to consider, yet under it, the pair could easily continue to the zone around 1.7910/20, that does not seem strong enough to hold: a confirmation under it, will send the pair to 1.7850/60, stronger zone and tops for today. From actual 1.8005 resistances will be at 1.8040, followed by the zone around 1.8100, 1.8155 and finally the zone around 1.8229.

The Eur/Usd started the week strongly bearish with a gap of nearly 70 pips that is far from covering. Quoting right now around 1.4330, the pair has broken to the downside the flag or descendant channel it was forming in 4 hours charts, and so, denying the bullish continuation seen last week. From actual price, resistances will be at 1.4357, followed by 1.4405/10 and finally 1.4460, pullback to the base of the channel: if the pair is unable to regain above it today, the bearish continuation will get strength. Regarding supports, under 1.4320  the pair could retest the zone around 1.4300, yet if broken nest important support and probable target for today will  be 1.4240.

Hi everybody hope you are fine. Greenback rose at the beginning of the week and continues, as the American White House and the Congress seem to have reached an agreement on the bailout $700 billion plan, after debating all week end, to avoid more panic in the markets. At the moment, the Sterling and the Euro are the ones suffering the most, helped by evidence emerged suggesting that the banking crisis is spreading to Europe. Anyway the final bailout plan is still waiting for a formal society presentation, and that’s supposed to happen today : be aware volatility is set to continue high this week. 

These are the most relevant news in the U.S. for today, East Time:

08:30 Personal Income (Expected 0.2% Previous -0.7%) 

08:30 Personal Spending (Expected 0.2% Previous 0.2%)