Forex-Metal Daily Analysis – 11/10/2011

Euro showed its considerable growth against the greenback.

Asian and European trading sessions:
Euro: The euro demonstrated a considerable growth against the greenback during the Asian trading session today. One of the reasons for this rally was based on the fact that France and Germany announced of the reached consensus in terms of providing support to the European banks.
The maximum level has been reached at the $1.36989 mark by the EUR/USD pair.
US Dollar: US Dollar dropped against its main competitors against the background of the main stock indices stabilization.

British Pound: The sterling showed a rapid growth as well as the euro. The GBP/USD pair reached the $1.5663 during the Asian session, and the European maximum has been reached already at the $1.5892 mark.
Japanese Yen: The USD/JPY pair traded in the Y76.56 – Y76.76 range.

American trading session:
US Dollar: The US dollar dropped against the major currencies, as demand for the greenback as a save-heaven asset decreased.
Australian Dollar: Australian dollar demonstrated its parity with the US dollar today.
Gold: Showed growth to the $1680 mark per ounce.



Technical analysis for 11/10

The pair has broken Fibonacci retracement 50% at 1.34882 and aiming to the next Fibonacci level 61% at 1.38871.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
The pair has returned to the resistance 1.56722. If the pair breaks this level the will start to work out Double Bottom figure, the end of the figure is at 1.58543.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
The pair is aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
The pair has reached resistance 1.00067. If the pair stays below this level the pair will decline to 0.99207.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423