Forex-Metal Daily Analysis – 12/10/10

The greenback continues to be under pressure. Asian and European trading sessions:
Euro: On Monday the euro continued to trade around its 8-months maximums against the greenback. According to the experts’ opinion, the euro was overbought, and that the rate correction could be expected. 
The euro was also pressured after the release of the news from China, where the deposit reserve requirements for the 6 large banks were increased for 0.5%.
The EUR/USD rate showed some decrease to the level of $1.3940.
US Dollar: The US employment and labor market fundamentals, which were released last Friday, pressured the greenback and reinforced speculations over the possibility that the FRS would expand its program of the monetary easing, aimed to support the stabile rehabilitation of the national economy.
British Pound: The GBP/USD pair traded in the range of $1,5920-$1,5960.
Japanese Yen: The JPY/USD pair showed minimums in the range of Y81,50, after that the rate stabilized around the Y82.00.
Oil: The general weakening of the US dollar continued to render support to the growing oil prices. The rate reached $83.40 mark per barrel on Monday.
Gold: The yellow metal was trading around its historical maximums of $1353.60 mark per ounce. American trading session:
British Pound: The UK consumer prices are forecasted to remain unchanged at 3.1% for September. This indicator is of a particular importance for market participants, since it will be used by the Bank of England for the principal rate decision.
Technical analysis for 12/10 EURUSD
The pair has reached resistance at 1.39600 and rolled back to support is at 1.38554. If the pair breaks 1.38554 the pair will decline to 1.37486.
Resistance: 1.39600, 1.40690, 1.41780
Support: 1.38554, 1.37486, 1.35984
The pair is trading below trandline 1.60322. If the pair closes above this level the pair will rise to 1.62050. If the pair stays below 1.58543 the pair will decline to 1.56722.
Resistance: 1.60322, 1.62050, 1.64274
Support: 1.58543, 1.56722, 1.54842
The pair is trading between 0.96480 and 0.95510. If 0.96480 is broken the pair will rise to 0.97130. If the pair breaks 0.95510 the pair will decline to 0.94661.
Resistance: 0.96480, 0.97130, 0.97915
Support: 0.95510, 0.94661, 0.93831
The pair is trading below 82.219. It will bring pair to 81.162.
Resistance: 82.219, 83.330, 84.260
Support: 81.162, 79.957, 78.559
The pair couldn’t stay above 0.98436 and rolling back. The first level of correction is 0.96392, second 0.94898.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97715, 0.96392, 0.94898