the pair has move the range trading a bit higher, and now seems contained above the 1.2800 zone, yet respecting yesterday’s descendant trend line. I mark in blue a probable target zone for today or maybe tomorrow, as that trend line @ 12830 will be the level to watch: If the pair rebounds there, a new bullish upleg will be developing, yet under it, the pair could quickly regain bearish strength. From actual 1.2900 zone, and with no clear definitions, under 1.2862 the pair will try to test the line, and if broken, next targets will be at 1.2790 and 1.2740. Resistances will be at 1.2908, and 1.2942; a confirmation above it will probably approach us to the 1.3000 zone, and leave the chart pointing for further upside moves. Take a look at the 200 EMA: quite flat, loosing bearish steam; too early to say, but it could turn downside up if the pair manages to break above the 1.3110 first longer term resistance.

The pair is under corrective selling pressure, despite longer term charts remain bullish. For today, chances are to the downside as long as the pair remains capped under the descendant trend line you can see in this chart @ 1.2030. with the holiday, don’t expect majors triggering anyway, probably we will see some come and go rallies. A 4 hours candle opening above that zone and the line, will turn the pair bullish being next resistances 1.2068 and the zone @ 1.2100. under 1.1980 the pair could go to 1.1960 a more tough support zone, and if this last is broken then we will have a more interesting bearish continuation, to 1.1913 and finally the zone @1.1860

Despite yesterday’s low, the pair is recovering quickly, testing the 1.5500 zone, and tending higher. Yet only above it, the pair could run first to 1.5535 is the first resistance zone to consider, followed by 1.5560/70 a congestion zone above which we have 1.5600 and then 1.5670. Regarding supports, 1.5445 will be the first to consider, followed by  1.5385, 1.5310 and finally the zone between 1.5250/70.

Hi everyone, hope you are fine! After yesterday’s last post, lights went out here for almost 11 hours, as an electric company central blows. Not your problem sure but my apologizes for not being here as promised. Anyway, as expected and despite the bad news, greenback managed to recover ground, only to bounce back to the downside in Asian and early European session. Further looses remain contained there, but not for much. We will see each pair shape in a while. Today we have a holiday in the U.S. Thanksgiving, so expect lower volumes than usual, even tomorrow, and so, high volatility moves across the board. Japanese yen is playing it’s own game: the currency continue appreciating against most rivals, and pointing to a interesting break trough. the only fundamental issue we have for today that could affect the market will be a speech from Mr Jean Claude Trichet, ECB president, at 10:30 am, East Time. I will start with technicals right now.

Have a great day!

This are the numbers released, readings are Actual, Expected and Previous.

Unemployment Claims           529K 534K 543K

Core PCE Price Index m/m      0.0% 0.1% 0.2%

Durable Goods Orders m/m -6.2% -2.8% -0.2%

Durable Goods Orders m/m -4.4% -1.4% -2.3%

Personal Spending m/m      -1.0% -1.0% -0.3%

Personal Income m/m            0.3% 0.1% 0.1%

In general bad readings in Durable Orders and despite better than expected unemployment claims, still a high number, that represents recession in the country. Inflation under expectations, no chances of rates hikes there.  Majors react quite positive in this first spike, still contained under some resistances zones, yet in 45 minutes we have more info, and stocks openning. There we will have defined today’s definition. Just a short time wait and see!

We have a wave of economic reports in the next couple of hours, all of them pointing to come out negative. You can think, “well in that case, dollar will fall” but see what has been going on lately: bad news in the U.S. mean stocks falling heavily, and with them,  Euro and Gbp as risk aversion growths and traders leave those currencies a side, and go to the dollar. So bad news in the U.S. are meaning, lately, dollar strength against Europeans mostly! So, be careful, watch for technical levels breaks, and give each pair a couple of 15 minutes candles to confirm where can they go for the rest of the American session. I will be attached to the blog today, or at least try to!

The pair remains also under selling pressure, unable to regain ground despite any stocks movements. From actual price, 94.92 will be the first support zone to consider, followed by 94.40 and finally the zone @ 94.10 an ascendant daily trend line. Resistances from actual price will be 95.30, the zone @ 95.60 and finally 96.00.

The pair has broke above the key zone @ 1.5270, the key level mentined in previous post, triggering the expected rally and even surpassing the 1.5480 resistance zone, I suggested yesterday. Right now is the pair is under some selling pressure, yet more interesting rallies will be triggered only under the 1.5270 zone, first support for today, followed by 1.5240 and then 1.5188. indicators  also not clear at the moment, not defining a clear direction, yet above 1.5390 we could see some more bullish movements first to 1.5480, followed by 1.5525 and finally the zone @ 1.5600

The Eur/Usd has reached the 1.3080 yesterday a few pips away for the more important zone @ 1.3110, before starting a come back. Anyway, 4 hours charts seem pretty interesting today, with a new continuation figure developing. In one hand we have indicators are pointing to the downside, and the candle has just open under the 200 EMA (violet in this chart) that usually acts as a dynamic resistance/support in the pair. On the other hand, we have a small triangle that should be broken in the next two candles to the upside, to confirm the bullish continuation, supported by the 20 SMA (red in the chart) clearly bullish. So under 1.2930, first support for today, and ascendant trend line of the triangle, the pair will probably turn bearish for the next hours, and supports from there will be 1.2906, 1.2857 and finally the zone @ 1.2830. To the upside, both the 200 EMA and the descendant trend line are the key levels to watch: above 1.3000/3010 the pair could turn bullish again with 1.3040, 1.3080 and 1.3110 as today’s resistances.

Hi everybody hope you are fine!. Dollar continues falling across the board, as we were commenting here since Monday: technically, the consolidation mode range we have been seen last 2 weeks pre announce so, and here it is; will this continue? I don’t thing so for the longer term, and i will see each major cross one by one; If we talk about fundamentals, we hadn’t see one decent reading anywhere, and at this very moment, the U.K. GDP revision is being released, showing the sharpest drop since 1995, but we are almost used to bad news all along the world. Aren’t we?. Again the balance of strength will be the key factor that will decide majors destiny, being Japanese Yen the most strong currency at the moment. But wait! some optimism has just returned to trading desks: stocks are rising (far far away from the happy levels we had months ago) the FED has come to the rescue again, creating new lending facilities and saving Citigroup; on the whole, this means the downside corrective rally of greenback could last a bit longer. Let’s see if we could determinate from a technical perspective, if this could stend  and till where. Busy day with lots of news, in the U.S. check the release hours following next link:

http://www.fxstreet.com/fundamental/economic-calendar/

Be back in a few minutes! have a great day.