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Tuesday November 10, 2009 - 07:16:09 GMT
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EURUSD and GBPUSD daily outlook
Quote of the day: In todayâ€™s regulatory environment, itâ€™s virtually impossible to violate rules. â€” Bernard Madoff
The euro is retreating from yesterdayâ€™s top side at 1.5020 which is inside the resistance region of 1.5000-1.5060 as noted into the chart attached below. Upside is favored and the 1.5 region is expected to remain under pressure as long as short-term support around 1.4850 is intact. Both short-term and medium term studies are bullish â€“ the euro being up .65% per week and 1.85% per month. There is enough room for further upside while the lower territory will be treated as fresh buying opportunities, hence maintaining euroâ€™s bid tone against the buck. The rallies in equity markets are favoring the assault against 1.5000/60 and the S&P500 may face resistance around 1100 while potential pullbacks will bring support formed by former resistance into the 1075 region in focus â€“ corresponding with $1.4850. Current exchange rate is 1.4991 @07:05 GMT
Support: 1.4910/30, 1.4850/65 and 1.4800
Resistance: 1.5000/20, 1.5050/60 and 1.5100
EURUSD hourly chart
EURUSD weekly chart
S&P500 daily chart
Cable lost 150 points during an hour as the Fitch agency said that the UK economy was at risk of losing its AAA rating. Although yesterdayâ€™s gains have been cleared by current pullback, short-term sentiment remains bullish and fresh buying opportunities emerged into the lower 1.6600 territory. Intra-day momentum is bearish and a break above 1.6700 is needed to re-conquer the upside, signaling that the corrective cycle has ended. In case of more downside pressure, support backs 1.6600 at 1.6550 and 1.6485/00 â€“ formed by the 50% fib ratio of 1.6260-1.6840 and 61.8% â€“ respectively. Current exchange rate is 1.6650 @07:05 GMT
Support: 1.6600, 1.6550 and 1.6485
Resistance: 1.6700, 1.6750, 1.6800 and 1.6830/50
GBPUSD hourly chart
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