Forex-Metal Daily Analysis -15/02/2011

Concerns over the EC budget crises rise again.

Asian and European trading sessions:
Euro: Today euro demonstrated sharp decrease against the competitors during the European trading sessions. Concerns over the Euro-zone budget crises reinforced. The 2-day meeting of the EC Ministers of Finance, which started today, might not result in a mutual agreement regarding target levels of reducing the country’s debt loads.
In addition, according to the released information, chances of restructuring of the German state bank West LB AG are reducing, which renders pressure on the euro as well.
The Euro-zone Industrial production, published on Monday, turned out to be negative at the level of -0.1%, against the forecasts of 0.0% and previous month positive figure of 1.4%.
As a result, the EUR/USD pair demonstrated minimums at $1,3426.
New-Zealand Dollar: The released on Sunday retail sales data pressured the national currency, since it happened to be negative at the level of -1.1%, when previous month the indicator was positive at the 1.5% mark.
US Dollar: The greenback was pressured by the increased demand for the risky assets.
British Pound: The sterling demonstrated a decrease following the euro drop. The GBP/USD pair decreased to $1.5985 minimums.
Japanese Yen: The USD/JPY pair decreased to the level of Y83.10.
Oil: Oil is trading at the minimums of $85.67 per barrel.

American trading session:
Euro: By the end of the day the euro managed to rehabilitate and won back the previously lost positions. The EUR/USD grew to the levels of $1,3480.
British Pound: The pound managed to grow against the greenback during the American trading session. The GBP/USD reached the $1,6030 mark. Speculations regarding the possibility, that the Bank of England would increase the principal rate, reinforced.


Technical analysis for 15/02

The pair has declined to support level Fibonacci retracement 50.0%. A rise to 1.35984 maybe expected.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
If the pair breaks 1.61085 the pair may start to work out the Flag. The end of the figure is at 1.63316.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
The pair has touched Moving Average (100) at 0.97022 but rolling back to 0.96574. If the pair breaks 0.96574 the pair may decline to 0.95814.
Resistance: 0.98114, 0.99201, 1.00168
Support: 0.96574, 0.95125, 0.93435
The pair will decline if declines below 83.065.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
The pair will continue rising if breaks and stays above 1.00907.
Resistance: 1.00907, 1.01744, 1.02705
Support: 1.00067, 0.99207, 0.98436