2Q GDP fell 1.0% in the first estimate, while economists expected a 1.5% decrease. Despite falling less than expected, the 1Q was revised to the downside -6.4%. PCE climbed 1.3% after falling 1.5% in the 1Q. The PCE ex food and energy rose 2.0%, after increasing 1.1% in the 1Q. Stocks are falling strongly, and dollar  winning big after the report. EUR/USD reached 1.4100 support, and GBP/USD is struggling with 1.6500. Let’s see if rally could extend under this points.

Pair remains pushing higher capped by yesterday’s high at 95.88, yet with a bullish bias for next hours. Above that high, immediate resistance comes around 96.15, yet 96.55, roof of the daily descendant channel is the key point to consider: pair should retreat from there, at least at a first attempt. If clearly breaks and close the week above (not really seen at this point) bias can change for the pair, and further recoveries are ahead. under 95.50, next support comes at 95.20 and then the 94.70 area that should hold to keep the bullish perspective active.

Eur/Usd has reached the 50% retracement of the last down leg in 4 hours charts, around 1.4155, that capped the upside, for now. Despite rising risk appetite, I see rises here more limited than in any other pair. 20 SMA remains bearish in the pair and indicators suggest rises will remain limited. With the 1.4090/1.4100 as first congestion, supportive zone form current price, under that level, pair could return to 1.4035 and the 1.4000 zone if current candle closes under the 38.2% of the rally around 1.4110. Above today’s high, consider 1.4190,61.8% of the rally as next resistance to consider, and above 1.4240 strong area.

Here is the majors sentiment for today:

Eur/Usd: Slightly Bullish

Gbp/Usd: Bullish

Usd/Chf: Sligthtly Bearish

Usd/Jpy: Neutral

Eur/Gbp: Neutral

Hi everybody and welcome to the last day of July. Dollar and Yen are again down across the board, with all eyes on 2Q GDP in the U.S. in about an hour. Nikkei 225 hit a fresh year high, and closed quite positive, triggering more optimism across the board, and stronger than expected euro zone unemployment support some Euro strength. Gbp also rose (and stays) around key 1.6550 zone, mounted on strong risk appetite triggered by worries over US government continuing to attract buyers for it’s treasury notes. American futures are up ahead of a better than expected GDP, so let’s see what we can expect for each major today. Here is the link for today´s calendar:

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

Have a great day! 

I will be one of the key speakers in Barcelona, October.  Here is the link if you want to know more about it: http://www.traders-conference.com 

Last recorded webinar is already available at FXsteet.com page. Here is the link:

http://transcripts.fxstreet.com/2009/07/forex-basics-series-chapter-5-bollinger-bands-and-rsi.html

Enjoy!

Here is the majors sentiment for today:

Eur/Usd: Slightly Bearish

Gbp/Usd: Bullish

Usd/Chf: Sligthtly Bullish

Usd/Jpy: Neutral

Eur/Gbp: Bearish

Hi everybody hope you are fine! As we talk last night in the daily forex Wrap Up Webinar, dollar corrected in Asian session, and stocks markets no doubt add to it. Nikkei 225 close at 10.175, above this year previous record high, China stocks recover from past journey losses, and American futures rose. Also, Euro recovery remained subdued, despite the better than expected reports early in Europe. For today, we have only weekly unemployment claims in the U.S., so probably again, stocks will leading the way. Here is the link for today´s calendar:

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

Have a great day! 

I will be one of the key speakers in Barcelona, October.  Here is the link if you want to know more about it: http://www.traders-conference.com 

Gbp/Usd is fighting quite a support right now, the 20 SMA in the daily chart, that always offer some fight. In this case, the 20 SMA is too flat to really act as strong support, and due to general positive dollar tone, chances of a break trough are high. If so, next support in the pair comes at 1.6300/1.6320 area, followed by the stronger 1.6240 zone. Resistances from actual price come at the strong 1.6415 zone, followed by 1.6460/80 area, and finally, but not seen 1.6520.

Eur/Usd continues under pressure and quotes very close to daily lows, now at 1.4120. 4 hours charts indicators remain clearly bearish and the pair seems ready to break under thus, 1.4090 zone is our very close first support for today, followed by the 1.4060 level, and then 1.4020. Resistances today lie at 1.4145 1.4190 and 1.4235, not really seen at this point.