Technical analysis for 29/05
The pair has declined to 1.25690. If the pair stays below this level the pair will decline to 1.23907.
Resistance: 1.26897, 1.28630, 1.30277
Support: 1.25690, 1.23907, 1.21813
The pair has declined to 1.56722. If the pair stays above this level the pair will rise to the Moving Average (200) at 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
The pair is trading around trend channel 0.96220. If the pair stays below this level the pair will declined to 0.95074.
Resistance: 0.96220, 0.97427, 0.98512
Support: 0.95074, 0.93949, 0.93069
The pair is trading below Moving Average (200) at 79.707 it may bring pair to decline to 79.070.
Resistance: 79.707, 80.438, 81.399
Support: 79.070, 78.345, 77.539
The pair is trying to rise to 0.99207.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97423, 0.96579
Market review for 28.05.12: The opinion polls conducted in Greece showed positive results.
Asian and European trading sessions:
Euro: The Euro currency opened this day with the gap up against all its competitors on news which came from Greece. The pre-election positions of the parties that support the European Union conditions have shown good improvement as it was recorded as result of opinion polls conducted in Greece. This positive news weakened the concerns about the situation with possible exit of Greece from the euro zone. The EUR / USD pair rose to $ 1.2622 during the Asian session. However the concerns still remain due to the fact that the yield of the Italian and Spanish debt securities is higher than the critical mark of 6.0%, while the spread on 10- year bonds of Spain and Germany surpassed the record high mark of 500 b.p. Also, the Spanish Bank “Bankia”, which is the largest mortgage lender in the country, warned the government that it will need an additional 19 billion Euros aid to fight the crisis. As it was posted before, the international agency Standard & Poor’s downgraded the credit rating of “Bankia”, from BBB -to BB +. The collapse of the bank would jeopardize the situation in the whole banking sector in the country and impact negatively all financial markets in Europe and beyond. The EUR / USD pulled back towards closing the earlier open gap, to the area of Friday’s close $ 1.2515.
U.S. Dollar: The dollar fell against most major currencies after the earlier optimism of investors which rose due to the result of opinion polls conducted in Greece.
British Pound: The GBP / USD after the morning gap remained in trading range $ 1.5672 – $ 1.5713 during the both sessions. The currency traded cautiously against the dollar due to the uncertain situation with the inflation in country which suggests that the further monetary easing policy in the UK may run into some obstacles.
American trading session:
Today, U.S. financial markets were closed due to the National holiday of Memorial Day.
Euro: The EUR / USD pulled back to the area of Friday’s close $ 1.2515.It reached this area at the end of this trading day.
Gold: The Gold raised in price to $1583 on the COMEX today.
Oil: The cost of the July futures on U.S. light crude oil WTI closed at $ 91.93 per barrel on the NYMEX today