Forex Technical & Market Analysis: December 09 2012
2012-12-06 16:46 GMT
ECB, Berlusconi Hit EURUSD Hard
Lower by 0.73% in the morning session, the EURUSD is being weighed down by major developments in Europe. Specifically, sparks of political instability in one of the troubled EU members, as well as a pessimistic outlook on Europe’s growth potential is making it difficult for traders to be bullish the Euro. The sentiment has traders and technicians eyeing the 1.2900 as the next viable support barrier. Although leaving the benchmark interest rate at 0.75% early in the morning, the European Central Bank issued a dour note when it came time to assess the economic future of the European Union. In a post decision press conference, ECB President Mario Draghi noted that significant headwinds had placed pressure on a potential regional recovery. So much so that growth prospects for next year were forecasted lower, with the 17-member Union looking to either remain unchanged or contract slightly. Official estimates now lie between a 0.3% pace of growth and a 0.9% contraction in 2013.
Additionally, Draghi noted that “available statistics and survey indicators continue to signal further weakness in activity in the last quarter of the year”.This isn’t seen as favorable for the Euro, which was expecting a slight recovery in the European Union next year – at a pace of 0.5%. – FXstreet.com
Forex Economic Calendar
2012-12-07 10:00 GMT | EMU.ECB President Draghi’s Speech
2012-12-07 13:30 GMT | Canada.Net Change in Employment (Nov)
2012-12-07 13:30 GMT | Canada.Unemployment Rate (Nov)
2012-12-07 13:30 GMT | USA.Nonfarm Payrolls (Nov)
Forex News
2012-12-07 05:50 GMT | GBP/USD unchanged around 1.0650; UK, US data eyed
2012-12-07 02:58 GMT | EUR/JPY grinds back up to 107 after overnight drop
2012-12-07 06:06 GMT | Will NFP confirm EUR/USD weekly losses?
2012-12-07 00:38 GMT | AUD/USD, Australia trade number discourages volatility; stops above 1.0525
EURUSD
HIGH: 1.29724 | LOW: 1.29548 | BID: 1.29564 | ASK: 1.29571 | CHANGE: -0.09% | TIME: 08:05:55
OUTLOOK SUMMARY: Down
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High
MARKET ANALYSIS – Intraday Analysis
Current price deviation might face next support level at 1.2950 (S1). We expect price downgrade towards to our targets at 1.2942 (S2) and 1.2931 (S3) as a part of consolidation formation in case of successful penetration below it.
Resistance Levels: 1.3048, 1.3070, 1.3092
Support Levels: 1.2950, 1.2942, 1.2931
GBPUSD
HIGH: 1.60573 | LOW: 1.60359 | BID: 1.60533 | ASK: 1.60542 | CHANGE: 0.02% | TIME: 08:05:56
OUTLOOK SUMMARY: Down
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: High
Price might retest our support at 1.6034 (S1) on the downside. Break here would suggest next target at 1.6037 (S2) and any further fall would then be targeting to 1.6012 (S3).
Resistance Levels: 1.6082, 1.6094, 1.6117
Support Levels: 1.6034, 1.6027, 1.6012
USDJPY
HIGH: 82.564 | LOW: 82.363 | BID: 82.379 | ASK: 82.384 | CHANGE: 0% | TIME: 08:05:57
OUTLOOK SUMMARY: Sideway
TREND CONDITION: Neutral
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: High
Instrument trapped to the range mode trading and we are not expecting significant deviation from its average parameters today. Risks of market strengthening are seen above the next resistance level at 82.46 (R1). Our suggested targets locate at 82.55 (R2) and 82.61 (R3).
Resistance Levels: 82.46, 82.55, 82.61
Support Levels: 82.29, 82.19, 82.12
Prepared/Published By FXCC Forex Trading Blog.
« Forex Technical & Market Analysis: December 06 2012 FXCC on Facebook, the perfect dessert for your wallet! »
