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The EUR/USD pair has been ranging the last few sessions, pivoting on the 1.30 handle. Looking at the pair on a weekly chart we see the downside trendline support held and the pair popped through the 21 week moving average and is currently sitting right on that level (21 week mavg defended the pair from [...]

The Bank of England’s King had the following comments:

CPI outlook to determine when to reverse asset purchases; Calls for strategy for eventual unwinding of policy actions.
G20 needs to commit jointly to economic stimulus, make a credible promise that banks will be restructured and recapitalized.
Requires more tools to control growth of financial sector.
Central banks shouldn’t support [...]

The ECB’s Trichet had the following comments in regards to the Euro-Zone economy:

Euro Zone money market rates are lower than in the US; ECB may take further non-standard measures.
Euro has showed its importance during crisis (in line with prior comments) 
Says most economy experts expect recovery in 2010.
Securitization has been badly used by banks.
ECB’s balance sheet [...]

FXDD Today and Tomorrow is now available for download.  The concise one day report, gives a snap shot of the market near the close of trading.  It also gives a picture of the trend of the major economic releases due out over the next 24 hours.  To access the report click on the following link:
  
Thank you [...]

The Euro made a retracement after this week?s 1.3070 highs. The daily chart shows that Eur/Usd has already made a 500 pip gain from the black wave A lows that may lead to a retracement to the downside, probably in a wave B) correction. The stochastic oscillator is trading in…

The trade plan of the day has identified a buy above the previous days high of 98.97 with a first take profit area of 99.40 which is just below the high of the 3rd and 4th of March. The next take profit level is at 99.90, a level that has…

The Australian MI leading index came in at a -0.2 percent month over month after a -0.4 percent decline was seen on the previous figures reading. This has raised speculation that the nation is expecting to enter its first recession since 1991. The economy shrank 0.5 percent in the fourth…

There is additional support down to 98.35 area but if the price does not rally into the close, the downside will probably be tested further.

A bank report that we read this week had an interesting line summarizing investors’ attitude towards the U.S. dollar over the past few months. They said that being long dollars means being long pessimism and we believe that this is a valid description of the recent price action in the currency markets. Today, the dollar weakened against every major currency except for the Japanese Yen. This weakness as baffling as it may seem is more of reflection of the market’s optimism than pessimism because equities are higher and gold prices are lower.

Once again be aware that the 100 day MA in the EURUSD is currently at the 1.3028 level.  A close above this level will be bullish for the pair.  However, he past two days have found good sellers against the level.

Meanwhile the USDJPY has found buyers against the support level outlined in a previous post [...]