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FXstreet.com (Barcelona) - The Euro took a big dip on Tuesday's U.S. session, from 1.4379 high during European trading time, plunging all the way down to 1.4177 on U.S. session, to consolidate during Asian trade in a range from 1.4200 to 1.4227.

Initial resistance level lies at 1.4225 Asian session high, and, in case of further appreciation, next resistances could come at 1.4255 (Aug 31 low) and 1.4280/85 congestion area. On the downside, initial support lies at 1.4190 intra-day low, and below there 1.4175 (Sept 1 low) and 1.4155 (Aug 18 high).

EUR/GBP rose on Tuesday's European session to 0.8835 high to decline during following sessions, reaching levels around 0.8785 at the time of writing. On a wider perspective, the pair continues consolidating in a range from 0.8770 from 0.8840 after its rally from 0.8520 low on August 17. Support levels lie at 0.8770 and 0.8710. On the upside, resistance levels are 0.8840 and 0.8860.

* EUR/USD
* EUR/GBP

EUR/USD (Sep 02 at 07:33 GMT)
1.4219/23 (0.00%)
H 1.4247 L 1.4187
S3 S2 S1 R1 R2 R3
1.4134 1.4169 1.4205 1.4225 1.4261 1.4296
[?]Trend Index [?]OB/OS Index
Neutral Neutral
Data updated on Sep 02 at 07:30 (15-minute timeframe)

[ View EUR/USD technical studies ]

Asian stock markets are going through losses on Wednesday following a negative session in Wall Street, while Chinese stocks rose. Euro and Pound are trading at week lows after Tuesday's declines.

Japanese Nikkei Index declined 2.8%, with South Korean Kospi Index 0.7% lower. Australia's S&P Index declined 2.0% and Hong Kong's Hang Seng Index dropped 1.8%. Chinese Shangai Composite Index rose 0.5%.

Banks, commodity producers and exporters have been the biggest losers in a session dominated by risk aversion, on the back of considerable declines on U.S. markets, with investors concerned about further turmoil in the banking sector, as well as in the industrial sector and in global economy.

Euro and Pound retreat to week lows

EUR/USD took a big dip on Tuesday's U.S. session, from 1.4379 high during European trading time, the Euro plunged all the way to 1.4177 on U.S. session, to consolidate during Asian trade in a range from 1.4200 to 1.4227.

GBP/USD rallied on Tuesday's Asian session to a week high at 1.4375 to drop afterwards to 1.6115 low, which so far has hold Pound's decline, and the pair attempted to appreciate reaching levels around 1.6175 ahead of the European session opening.

USD/JPY rose on Tuesday's U.S. session to 93.45, to drop later to intra-week low area at 92.50. During Asian session, the pair has launched a shy recovery attempt, reaching levels around 92.90 at the time of writing.

* EUR/USD
* GBP/USD

The sellers we mentioned earlier at 132.20 seem to have won the first round, with EURJPY unable to move up thru that level and retreating back to 131.80. We should note that the Chinese Index has also come off its highs, now up only 0.07%. Traders are weary of a reversal back into negative territory, thus trimming risk positions.

FXstreet.com (Buenos Aires) – GBP/USD Current Price: 1.6507. Holding just under 1.6520 static resistance zone, along with 200 EMA. Hourly indicators have turned slightly bullish, pointing for some gains in the next hours, thus clear opening above 20 SMA will give further support to the bias.

“Above that, next resistances come at 1.6550 and 1.6600, 20 SMA in the daily; pair has reached and retreat strongly that level several times, suggesting that another failure attempt could turn the pair bearish in the midterm,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.6470 1.6440 1.6410. Resistance levels: 1.6520 1.6550 1.6600.

* GBP/USD

EUR/JPY is back up close to rumoured sell ordesr at 134.80/00 but is showing little signs of tiredness. It must be Friday as I've been thinking to myself that USD/JPY might be a good buy. Perhaps I need a break! I'll hand over to Sam for the next few hours and turn my platform off to resist taking trades I don't really believe in.

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Wed, Aug 26 2009, 00:15 GMT
by Valeria Bednarik

Another failure attempt to break above 1.4340 is putting the pair under pressure with Japan opening; hourly indicators are giving some bearish signals at this point with price also under the 20 SMA that lost the bullish slope; same conditions are seen also in 4 hours charts, thus pair must break and confirm under key 1.4270 support zone, to extend the downside rally.

Support levels: 1.4270 1.4240 1.4200

Resistance levels 1.4310 1.4340 1.4375

GBP/USD Current price: 1.6315

Already under yesterday’s low, bearish pressure remains intact in the pair, supported not only by indicators and strongly bearish 20 SMA in the hourly, but also by general sentiment against pound. First strong support comes at 1.6270 past week low, where we can also find a short term daily ascendant trend line; once the pair clears that support, next target will be close to 1.6200 base of these last 3 months range. Not seen at this point, pair needs to regain the 1.6520 level to change bias and turn bullish.

Support levels: 1.6275 1.6220 1.6160

Resistance levels: 1.6350 1.6400 1.6440

USD/JPY Current price: 93.96

Pair remains trapped in range, yet general bias remains bearish, after breaching back down the 94.00 level; not clear in the hourly, bigger time frames support further falls, that could be triggered with falling regional indexes and break under 93.70 support zone. Final support for next hours came at 97.20, while bias may change only clearly above 94.50.

Support levels: 93.70 93.40 93.20

Resistance levels: 94.00 94.45 94.80

USD/CHF Current price: 1.0623

After hitting back strong support zone around 1.0550, pair slowly regained the upside; a probable triple floor is forming around that zone, suggesting pair has bottomed in the midterm; hourly indicators along with 4 hours ones, support an upside continuation for the next hours, but clear movements above 1.0640 will favor the bias and made it stronger. Under 1.0600, downside will come back into play.

Support levels: 1.0600 1.0580 1.0550 1.0520

Resistance levels: 1.0640 1.0670 1.0700

(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)

8/25/2009 – EUR/USD – Price action on EUR/USD, a daily chart of which is shown, has continued to traverse up a parallel uptrend channel that has been in place since early June. Late last week, price was able to break out above a short-term, bearish counter-trend line, and was targeting the top of the channel once again. But since the breakout, the pair has stalled and consolidated. EUR/USD is still very much entrenched in a medium-term uptrend that extends from early March. A continuation of this uptrend would be confirmed on a break above 1.4445, the highest high in the current uptrend and a 7+ month high. In this event, the top of the current parallel uptrend channel is a significant dynamic resistance target. Dynamic downside support continues to reside at or near the bottom of the current parallel uptrend channel.


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Overall, the currency market traded in a range-bound fashion during the European session, even though in the second part the major pairs posted some relatively strong moves against the dollar. The currency market had a weak attempt during the Asian session to move higher compared to the dollar, but it…

Originally posted here:
European Session Fails Again To Move Decisively

Most of the days when US data is released the traders tend to get confused - whether to follow risk appetite move for a USD +ve data or USD gaining move and if  the data is -ve to USD, whether to follow risk aversion or USD weakening move.So a survey of traders confidence could help them to trade or they mostly miss the good trading opportunities because of false moves of the players.But following false move of the players could be more beneficial rather than to expected either of the moves - usd weakening or strengthening moves and keep away from the market.

Players are still handling the European and YEN crosses  and inducing the traders to make distress short covering in EURO/GBP and long liquidation in YEN crosses.Similarly in denominator currencies they are holding low and induce any level buying to liquidate their longs.

Regards

Dr.Sivaraman

Fri, Aug 21 2009, 01:01 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – GBP/USD Current Price: 1.6507. Holding just under 1.6520 static resistance zone, along with 200 EMA. Hourly indicators have turned slightly bullish, pointing for some gains in the next hours, thus clear opening above 20 SMA will give further support to the bias.

“Above that, next resistances come at 1.6550 and 1.6600, 20 SMA in the daily; pair has reached and retreat strongly that level several times, suggesting that another failure attempt could turn the pair bearish in the midterm,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.6470 1.6440 1.6410. Resistance levels: 1.6520 1.6550 1.6600.