Forex Technical & Market Analysis FXCC Feb 13 2013

Obama addresses congress at the SOTU speech

In the State of the Union speech, President Barack Obama addressed the Congress, with the main highlights found below. The text was obtained from Obama’s prepared full text speech and released moments before he came on stage. Obama first emphasized that the generation’s task is to build a strong middle class, which should be achieved through the government working ‘on behalf of the many’ not few. Referring to the soaring deficit, he said proposals will not increase deficit by ‘single dime’, with a government that acts smarter not bigger. Obama said ‘deficit reduction alone is not an economic plan.’

He ordered DHS to develop a real-time cybersecurity response. Obama also called for $1 Bln investment to create 15 manufacturing institutes; calls for overhauling corp tax code. Obama proposed ‘off-shoring tax’ to set minimum on offshore earnings, while also calling for a minimum wage to increase to $9/hour. With regards to the recent nuclear test conducted by North Korea, Obama said US to lead the world in taking firm action in response to North Korean threats, considering to strengthen US missile defense. The President of the US also unveiled plans to strengthen bilateral transatlantic trade deals with the European Union. Obama said: “Tonight, I am announcing that we will launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union – because trade that is free and fair across the Atlantic supports millions of good-paying American jobs.”
http://blog.fxcc.com/forex-technical...ruary-13-2013/

Forex Economic Calendar
2013-02-13 10:00 GMT | E.M.U Industrial Production w.d.a. (YoY) (Dec)
2013-02-13 10:30 GMT | United Kingdom. Bank of England Quarterly Inflation Report
2013-02-13 13:30 GMT | United States. US Retail Sales (MoM) (Jan)
2013-02-13 18:00 GMT | United States. 10-Year Note Auction

Forex News
2013-02-13 05:36 GMT | EUR/USD bulls regain control; break of 1.35 clarifies picture
2013-02-13 05:33 GMT | GBP/USD stalls the recovery below 1.5700
2013-02-13 04:38 GMT | USD/JPY break of 93.00 allows further losses
2013-02-13 04:23 GMT | AUD/USD breaks to fresh 5-day highs above 1.0350



TECHNICAL ANALYSIS
------------------------
EURUSD

HIGH: 1.34572 | LOW: 1.34375 | BID: 1.34469 | ASK: 1.34476 | CHANGE: -0.04% | TIME: 08:07:21



OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: next hurdle on the upside penetration is seen above the yesterday high at 1.3475 (R1). If the price manages to overcome it we expect further acceleration towards to initial targets at 1.3503 (R2) and 1.3532 (R3). Downwards scenario: Market decline below the next supportive means at 1.3433 (S1) might trigger bearish pressure and enable lower target at 1.3407 (S2). Final support for today could be exposed at 1.3381 (R3) later on today.

Resistance Levels: 1.3475, 1.3503, 1.3532
Support Levels: 1.3433, 1.3407, 1.3381

-------------------------
GBPUSD

HIGH: 1.56885 | LOW: 1.56621 | BID: 1.56834 | ASK: 1.56845 | CHANGE: 0.14% | TIME: 08:07:22



OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: GBPUSD is approaching our next resistance level at 1.5688 (R1), keeping the retracement formation intact. The break here is required for the price appreciation towards to next target at 1.5707 (R2) and any further rise would then be targeting to 1.5726 (R3). Downwards scenario: On the other hand, medium-term tone remains negative and possible depreciation below the support level at 1.5661 (S1) would allow further declines. Our supports levels today lies at 1.5642 (S2) and 1.5623 (S3).

Resistance Levels: 1.5688, 1.5707, 1.5726
Support Levels: 1.5661, 1.5642, 1.5623

---------------------
USDJPY

HIGH: 93.503 | LOW: 92.821 | BID: 93.096 | ASK: 93.100 | CHANGE: -0.40% | TIME: 08:07:23



OUTLOOK SUMMARY: Down
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

Upwards scenario: A negative market tone dominates on the hourly chart frame however further buying interest might arise above the key resistance at 93.35 (R1). Clearance here would suggest next intraday target at 93.57 (R2) and if the price holds its momentum we can expect an exposure of 93.79 (R3). Downwards scenario: Fresh low formed today limits recovery attempts for now. Next support level stays right below it at 92.81 (S1). Break here would suggest next target at 92.60 (S2) en route towards to final aim for today at 92.39 (S3).

Resistance Levels: 93.35, 93.57, 93.79
Support Levels: 92.81, 92.60, 92.39

Source: FX Central Clearing Ltd,( Forex Training | Best Automatic Forex Trading Platforms | FXCC )

Forex Technical & Market Analysis FXCC Feb 14 2013

The Real Threat from Spain’s Corruption Scandal

Investors worried about Spain’s political stability have been dumping their Spanish holdings and pushing up the country’s borrowing costs after the eruption late last week of a corruption scandal involving Prime Minister Mariano Rajoy. Until now, the government’s durability had been one of the few advantages that Spain held over fellow euro-area problem- case Italy, a country that has seen almost as many elections as Christmases over the past few decades and is about to stage another. In reality, the likelihood that the Rajoy scandal will force the collapse of the current right-of-center government is slim. But investors are right to be concerned, because political stability involves more than the survival of a country’s government — it also requires the trust of the electorate in the institutions that govern them. Allegations of corruption at the highest level are corroding that trust in Spain.

On Jan. 31, the Spanish newspaper El Pais published copies of what it said were ledgers from secret accounts held by Luis Barcenas, the former treasurer of the ruling People’s Party, which revealed the existence of a party slush fund. The newspaper said 7.5 million euros in corporate donations were channeled into the fund and allegedly doled out from 1997 to 2009 to senior party members, including Rajoy. The party has denied wrongdoing in a statement, and Rajoy reiterated that position over the weekend and again on Feb. 4, during a news conference with German Chancellor Angela Merkel.
http://blog.fxcc.com/forex-technical...ruary-14-2013/

Forex Economic Calendar
2013-02-14 07:00 GMT | Germany. Gross Domestic Product n.s.a (YoY) (Q4)
2013-02-14 09:00 GMT | E.M.U. ECB Monthly Report
2013-02-14 10:30 GMT | E.M.U. Gross Domestic Product s.a. (YoY) (Q4)
2013-02-14 13:30 GMT | United States. Initial Jobless Claims

Forex News
2013-02-14 05:29 GMT | EUR/USD, sellers negate the 1.35 handle
2013-02-14 04:56 GMT | GBP/USD stalls the fall ahead of 1.5500
2013-02-14 03:57 GMT | USD/JPY still around 93.50 despite BoJ
2013-02-14 03:30 GMT | AUD/NZD feels selling pressure below 1.2250



TECHNICAL ANALYSIS
-----------------
EURUSD

HIGH: 1.34553 | LOW: 1.33823 | BID: 1.33935 | ASK: 1.33943 | CHANGE: -0.44% | TIME: 09:40:06



OUTLOOK SUMMARY: Down
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: High

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Retail traders sentiment is currently on the bearish side however further price appreciation is possible above the resistance at 1.3414 (R1). Any upside actions above this point would then be targeting our resistances at 1.3433 (R2) and 1.3452 (R3). Downwards scenario: As long as price stays below the moving averages our medium-term outlook would be negative. Our next support level is seen at 1.3377 (S1). Any extension lower is being able to drive market price towards to our targets at 1.3359 (S2) and 1.3341 (S3) on the long run.

Resistance Levels: 1.3414, 1.3433, 1.3452
Support Levels: 1.3377, 1.3359, 1.3341

------------------------
GBPUSD

HIGH: 1.55425 | LOW: 1.55072 | BID: 1.55121 | ASK: 1.55129 | CHANGE: -0.18% | TIME: 09:40:07



OUTLOOK SUMMARY: Down
TREND CONDITION: Down Trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High

Upwards scenario: After dipping lower yesterday we see potential of downside tendency recovery in near-term perspective. Next on tap resistance level at 1.5543 (R1) mark. Break here would suggest next targets at 1.5568 (R2) and 1.5593 (R3).Downwards scenario: On the other hand we still keep the downside extension in focus. Risk of further market depreciation is seen below the support level at 1.5502 (S1). Loss here would enable initial targets at 1.5480 (S2) and 1.5468 (S3).

Resistance Levels: 1.5543, 1.5568, 1.5593
Support Levels: 1.5502, 1.5480, 1.5468

--------------------
USDJPY

HIGH: 93.711 | LOW: 93.132 | BID: 93.559 | ASK: 93.564 | CHANGE: 0.14% | TIME: 09:40:08



OUTLOOK SUMMARY: Neutral
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

Upwards scenario: Market comfortably moves in sideways mode on the hourly chart. If USDJPY gains momentum on the upside and rose above the resistance at 93.65 (R1), we expect next resistance to be exposed at 93.79 (R2) and 93.94 (R3). Downwards scenario: If the price failed to overcome our next resistance level we expect market easing below the support level at 93.39 (S1). Loss here would shift our technical outlook to the bearish and enable initial support levels at 93.24 (S2) and 93.09 (S3).

Resistance Levels: 93.65, 93.79, 93.94
Support Levels: 93.39, 93.24, 93.09

Source: FX Central Clearing Ltd,( Forex ECN Brokers List | Auto Forex Trading Account | FXCC )

Forex Technical & Market Analysis FXCC Feb 15 2013

Eurozone tumbles deeper into recession

The preliminary Eurozone GDP numbers for the fourth quarter of 2012, published in the European morning, paint a rather gloomy picture of economic activity in the area: growth declined sharply by 0.6%, which makes it a third straight quarterly fall. GDP in the three largest Eurozone economies shrank more than expected. Germany saw a 0.6% decline, France contracted by 0.3% and Italy by 0.9%. Portuguese GDP plunged by 1.8%, which makes the country the worst performer in the Eurozone. Only Estonia and Slovakia registered growth in the area, but results for Ireland, Greece, Luxembourg, Malta and Slovenia are still pending. ING analyst Peter Vanden Houte comments: “While we expect a stabilisation in the first quarter and a weak recovery from the second quarter onwards, one has to acknowledge that a lot of things still can go wrong. The economic and political outlook in Spain and Italy remains uncertain, while the difficult bail-out of Cyprus could stoke contagion fears. Therefore it is certainly not a time for the ECB to lean back and relax.”

For the London session ahead key UK retail sales data at 09:30 GMT will surely take center stage for Cable traders, as “Consumer spending is the backbone of the economy as well as a key component of GDP,” says BK Asset Management managing director Kathy Lien. Data is expected to come above previous one, and around the +0.5% as consensus, while G20 meetings going on thru the weekend might provide headlines that shake markets either direction.
https://support.fxcc.com/email/technical/15022013/

Forex Economic Calendar
2013-02-15 09:30 GMT | United Kingdom. Retail Sales (YoY) (Jan)
2013-02-15 14:00 GMT | United States. Net Long-Term TIC Flows (Dec)
2013-02-15 14:15 GMT | United States. Industrial Production (MoM) (Jan)
2013-02-15 14:55 GMT | United States. Reuters/Michigan Consumer Sentiment Index (Feb)

Forex News
2013-02-15 06:00 GMT | GBP/USD clings to last support around 1.5500
2013-02-15 05:28 GMT | Selling EUR/USD, still a profitable short term strategy?
2013-02-15 05:23 GMT | USD/JPY finding bids ahead of 92.20
2013-02-15 04:58 GMT | Kiwi strength to stay – ANZ


------------------------------
EURUSD :
HIGH 1.33721 LOW 1.33472 BID 1.33524 ASK 1.33532 CHANGE -0.07% TIME 08:23:26



OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bearish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: The recent price acceleration on the upside suggests a possible move higher ahead. Next on tap is resistive barrier at 1.3400 (R1) on the way towards to higher targets at 1.3415 (R2) and 1.3428 (R3). Downwards scenario: If the market fails to stabilize on the positive side, we expect retest of our support level at 1.3373 (S1) in near term perspective. Successful penetration below it would enable initial targets at 1.3358 (S2) and 1.3344 (S3).

Resistance Levels: 1.3400, 1.3415, 1.3428
Support Levels: 1.3373, 1.3358, 1.3344

--------------------
GBPUSD :
HIGH 1.55214 LOW 1.5484 BID 1.55071 ASK 1.55082 CHANGE 0.09% TIME 08:23:27



OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: Prolonged movement yesterday on the downside finally looks exhausted. Penetration above the fresh high at 1.5526 (R1) might keep bulls in play, targeting next resistances at 1.5547 (R2) and 1.0568 (R3). Downwards scenario: Bearish forces are possible below the next support level at 1.5502 (S1). Clearance here would suggest next target at 1.5481 (S2). If the price holds its momentum on the downside we suggest final target for today at 1.5458 (S3).

Resistance Levels: 1.5526, 1.5547, 1.5568
Support Levels: 1.5502, 1.5481, 1.5458

--------------------
USDJPY :
HIGH 93.117 LOW 92.25 BID 92.504 ASK 92.510 CHANGE -0.39% TIME 08:23:28



OUTLOOK SUMMARY : Down
TREND CONDITION : Down trend
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: Retracement development is limited to the next resistive structure at 92.81 (R1). Clearance here might shift trader’s sentiment to bullish side and open road towards to initial targets, located at 92.96 (R2) and 93.11 (R3). Downwards scenario: Fresh low formed today offers important support level at 92.25 (S1). Discounted value of USDJPY might push through this mark and enable next visible target at 92.11 (S2) en route to 91.96 (S3) later on.

Resistance Levels: 92.81, 92.96, 93.11
Support Levels: 92.25, 92.11, 91.96

Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )

Forex Technical & Market Analysis FXCC Feb 18 2013

G20 statement settles on generalities; approval to keep selling the Yen?
The G20 weekend meeting and its final statement settled again on generalities, with key passages posing little risk to neither discredit nor criticize ongoing Japanese polices, where no specific mention was noticed. As Sean Callow, Westpac FX strategist, notes: “G20 statements always reflect the difficulty in reaching agreement among nations with often quite diverse policy approaches, settling on generalities with little risk of shaking up markets. Once again, for FX markets, the Moscow statement offered only a modest tweak compared to the Nov 2012 Mexico City statement”

Some key FX-related passages obtained from the statement can be found below: – “We will not target our exchange rates for competitive purposes”. – “We reiterate our commitments to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility…” – “We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability. In brief, as Forexlive editor Eamonn Sheridan, notes: “If policy is aimed at achieving results in the domestic economy then its OK. Of course, it is difficult to gauge whether domestic policies are, or are not, aimed at weakening the currency.”
http://blog.fxcc.com/forex-technical...ruary-18-2013/

Forex Economic Calendar
N/A | China. FDI – Foreign Direct Investment (YTD)(YoY) (Jan)
2013-02-18 09:00 GMT | E.M.U. Current Account s.a (Dec)
2013-02-18 14:30 GMT | E.M.U. ECB President Draghi’s Speech
2013-02-18 23:50 GMT | Japan. BoJ Monetary Policy Meeting Minutes

Forex News
2013-02-18 05:37 GMT | EUR/USD faces worsening technicals/fundametals
2013-02-18 04:25 GMT | GBP/USD deepens below 1.5500
2013-02-18 03:20 GMT | Next RBA move likely coming in May – NAB
2013-02-18 02:42 GMT | USD/JPY stalls below 94.20 stops



TECHNICAL ANALYSIS
---------------------
EURUSD

HIGH: 1.33585 | LOW: 1.33254 | BID: 1.33447 | ASK: 1.33453 | CHANGE: -0.13% | TIME: 08 : 02:24



OUTLOOK SUMMARY: Down
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Positive tone establishment is limited to the next resistive means at 1.3357 (R1). Break here is required to allow further strengthening towards to our immediate targets at 1.3379 (R2) and 1.3401 (R3). Downwards scenario: Immediate risk of further market decline is seen below the key support level at 1.3325 (S1). Medium-term downside expansion would then be targeting marks at 1.3303 (S2) and 1.3282 (S3) in perspective.

Resistance Levels: 1.3357, 1.3379, 1.3401
Support Levels: 1.3325, 1.3303, 1.3282

----------------------
GBPUSD

HIGH: 1.5508 | LOW: 1.54713 | BID: 1.54926 | ASK: 1.54934 | CHANGE: -0.12% | TIME: 08 : 02:25



OUTLOOK SUMMARY: Down
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: Price action looks mainly consolidative, though violation of our resistance at 1.5512 (R1) would be a signal of possible uptrend formation with next expected targets ahead at 1.5536 (R2) and 1.5559 (R3). Downwards scenario: We are not expecting significant price deviation on the downside today though break of next support level at 1.5471 (S1) might extend easing towards to expected targets at 1.5449 (S2) and 1.5425 (S3) levels.

Resistance Levels: 1.5512, 1.5536, 1.5559
Support Levels: 1.5471, 1.5449, 1.5425

----------------------
USDJPY

HIGH: 94.216 | LOW: 93.708 | BID: 93.990 | ASK: 93.998 | CHANGE: 0.58% | TIME: 08 : 02:26



OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

Upwards scenario: Any upside actions looks limited to resistance level at the fresh high – 94.21 (R1). Surpassing of this level might enable next target at 94.38 (R2) and any further gain would then be targeting last resistance at 94.54 (R3). Downwards scenario: Measures of support might be activating when the pair approaches the 93.83 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 93.68 (S2) and 93.51 (S3) later on.

Resistance Levels: 94.21, 94.38, 94.54
Support Levels: 93.83, 93.68, 93.51

Source: FX Central Clearing Ltd,( Free Forex Demo Accounts | Top ECN Forex Broker | Forex Blog | FXCC )

Forex Technical & Market Analysis FXCC Feb 19 2013

Draghi: Exchange rate is not a policy target
ECB head Mario Draghi visited the European Parliament on Monday to take part in two hearings before the Committee on Economic and Monetary Affairs, one on the central bank’s monetary policy and the second on systemic risk. He assured that the exchange rate is not the central bank’s policy target, but that it is important for the evaluation of price stability and growth. This way Mario Draghi referred to the G20 meeting held last weekend, which focused on the issue of currency manipulation and during which the participating nations pledged to refrain from resorting to competitive currency devaluation.

He also said that Europe “entered 2013 in a more stable financial environment than in recent years” but at the same time he warned that the risks to the European economy were still tilted to the downside. He listed the weakening of exports, the failure to timely implement structural reforms by EU governments and geopolitical issues as the three main threats. Mario Draghi reiterated that the ECB’s monetary policy stance would remain accommodative.
http://blog.fxcc.com/forex-technical...ruary-19-2013/


Forex Economic Calendar
2013-02-19 10:00 GMT | Germany. ZEW Survey – Economic Sentiment (Feb)
2013-02-19 17:15 GMT | Switzerland. SNB Chairman Jordan Speech
2013-02-19 23:00 GMT | Australia. CB Leading Indicator (Dec)
2013-02-19 23:50 GMT | Japan. Merchandise Trade Balance Total (Jan)

Forex News
2013-02-19 05:42 GMT | GBP/USD unable to close weekly opening gap below 1.55
2013-02-19 05:26 GMT | Yen recovers as Japan rhetoric eases
2013-02-19 04:48 GMT | Can the Euro suffer a butterfly-like effect?
2013-02-19 04:21 GMT | AUD/NZD ready for a tactical rally towards 1.2470 – ANZ



TECHNICAL ANALYSIS
----------------------
EURUSD

HIGH: 1.33648 | LOW: 1.33385 | BID: 1.33511 | ASK: 1.33517 | CHANGE: 0.01% | TIME: 08 :01:55



OUTLOOK SUMMARY: Neutral
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Market players may prefer to stay neutral today during limited tier one macroeconomic data flow, though a break of our resistance at 1.3366 (R1) would suggest next targets at 1.3384 (R2) and 1.3401 (R3). Downwards scenario: Instrument trapped to the consolidation formation after its initial decline on the longer term perspective. Risk of further depreciation is seen below the next support level at 1.3336 (S1). Clearance here would suggest next targets at 1.3320 (S2) and 1.3302 (S3).

Resistance Levels: 1.3366, 1.3384, 1.3401
Support Levels: 1.3336, 1.3320, 1.3302

--------------------------
GBPUSD

HIGH: 1.54797 | LOW: 1.54608 | BID: 1.54737 | ASK: 1.54748 | CHANGE: 0.06% | TIME: 08 : 01:56



OUTLOOK SUMMARY: Down
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: Instrument trades under the descending channel formation, though market recovery is possible above the next resistance level at 1.5487 (R1). Break here is required for further appreciation towards to our initial targets at 1.5512 (R2) and 1.5536 (R3). Downwards scenario: Hourly indicators show negative readings, as both moving averages still pointing down. Immediate focus comes on the next support level at 1.5453 (S1). Any penetration below it would suggest next intraday targets at 1.5428 (S2) and 1.5404 (S3).

Resistance Levels: 1.5487, 1.5512, 1.5536
Support Levels: 1.5453, 1.5428, 1.5404

------------------------
USDJPY

HIGH: 93.955 | LOW: 93.564 | BID: 93.626 | ASK: 93.630 | CHANGE: -0.35% | TIME: 08 : 01:57



OUTLOOK SUMMARY: Up
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

Upwards scenario: Currently USDJPY is losing -0.35% however medium-term bias remains positive. Next on tap is resistance level at 93.76 (R1). A break higher could open the door for an attack to the next target at 93.92 (R2). Final immediate resistance is seen at 94.08 (R3). Downwards scenario: If the price regress below the support level at 93.55 (S1) the instrument has an increased likelihood of failing towards to our key supportive barrier at 93.40 (S2) and any further market decline would then be limited to 93.25 (S3).

Resistance Levels: 93.76, 93.92, 94.08
Support Levels: 93.55, 93.40, 93.25

Source: FX Central Clearing Ltd,( Forex Software | Forex Basics | Forex ECN Trading Account | FXCC )

Forex Technical & Market Analysis FXCC Feb 21 2013

FOMC Minutes: Some Fed officials consider eventual QE pullback
Minutes of the Fed’s January policy meeting showed several officials think the bank should be prepared to vary the pace of its asset purchases, depending on how the economy performs and its analysis of the costs and benefits of the program. As shown by the minutes, officials worried that the Fed ultra-loose policy could lead to instability in financial markets. The Fed plans to evaluate how the programs are doing at its next meeting March 19 and 20 where officials will consider major changes to its quantitative easing program. Some FOMC members consider the Fed might have to taper or even end its bond-buying programs before reaching the current goal of a substantial improvement in the labor market. However, others officials argued that ending QE too soon would damage the economy.

“A number of participants stated that an ongoing evaluation of the efficacy, costs, and risks of asset purchases might well lead the Committee to taper or end its purchases before it judged that a substantial improvement in the outlook for the labor market had occurred,” the minutes said. During the meeting, several Fed officials expressed concern about the potential for excessive risk taking by investors due to the Fed’s accommodative policy. Officials even discussed the idea for the Fed to replace asset purchases with a promise not to sell assets for a longer period than currently envisioned. Kansas City Fed President Esther George dissented at the January meeting, citing concerns about financial stability. The Fed will meet next on March 19-20.
http://blog.fxcc.com/forex-technical...ruary-21-2013/

Forex Economic Calendar
2013-02-21 08:28 GMT | Germany. Markit Services PMI (Feb)
2013-02-21 08:58 GMT | E.M.U. Markit Manufacturing PMI (Feb)
2013-02-21 13:30 GMT | United States. Consumer Price Index (YoY) (Jan)
2013-02-21 15:00 GMT | United States. Existing Home Sales Change (MoM) (Jan)

Forex News
2013-02-21 05:50 GMT | GBP/USD pounded below 1.5200
2013-02-21 05:43 GMT | USD, JPY enjoy follow through in Asia
2013-02-21 04:58 GMT | USD/JPY below 93.50 on more BoJ-related jawboning
2013-02-21 03:58 GMT | GBP/JPY selling off to fresh Feb lows

TECHNICAL ANALYSIS
------------------
EURUSD

HIGH: 1.32892 | LOW: 1.32354 | BID: 1.32380 | ASK: 1.32389 | CHANGE: -0.34% | TIME: 08 : 00:18



OUTLOOK SUMMARY: Down
TREND CONDITION: Down Trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Excessive losses provided yesterday clearly determined medium-term negative bias though rise above the resistance at 1.3306 (R1) might provide sufficient space for the appreciation towards to next target at 1.3332 (R2). Further market increase above it would face final resistive structure at 1.3356 (R3). Downwards scenario: Technically situation is clear. Fresh low at 1.3235 (S1) offers a key supportive barrier on the way of downtrend development. A dip below it would suggest next intraday targets at 1.3213 (S2) and 1.3190 (S3) in potential.

Resistance Levels: 1.3306, 1.3332, 1.3356
Support Levels: 1.3235, 1.3213, 1.3190

------------------------
GBPUSD

HIGH: 1.52395 | LOW: 1.51312 | BID: 1.51494 | ASK: 1.51505 | CHANGE: -0.55% | TIME: 08 : 00:19



OUTLOOK SUMMARY: Down
TREND CONDITION: Down Trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: High

Upwards scenario: New portion of macroeconomic data releases might increase volatility later on today. Our resistances at 1.5303 (R2) and 1.5355 (R3) could be exposed in case of possible recovery action. But first, price is required to overcome our key resistive barrier at 1.5250 (R1). Downwards scenario: Resuming of negative tendency might occur below the key support level at 1.5131 (S1). Break here would open road towards to next supportive measure at 1.5081 (S2) and final bastion could be found at 1.5031 (S3).

Resistance Levels: 1.5303, 1.5355, 1.5250
Support Levels: 1.5131, 1.5081, 1.5031

------------------------
USDJPY

HIGH: 93.862 | LOW: 93.351 | BID: 93.427 | ASK: 93.432 | CHANGE: -0.16% | TIME: 08 : 00:20



OUTLOOK SUMMARY: Neutral
TREND CONDITION: Sideway
TRADERS SENTIMENT: Bearish
IMPLIED VOLATILITY: Medium

Upwards scenario: In current price setup it is hard to determine prevailing market direction. Our next resistance stays at 93.63 (R1). Market expansion towards to next targets at 93.77 (R2) and 93.91 (R3) looks reasonable if the price manages to overcome it. Downwards scenario: Pair has been trading sideways. Depreciation below the support at 93.29 (S1) level might likely push the pair lower and enable our interim target at 93.15 (S2). Any further market decline would then be limited to psychological support at 93.00 (S3).

Resistance Levels: 93.63, 93.77, 93.91
Support Levels: 93.29, 93.15, 93.00

Source: FX Central Clearing Ltd,( ECN Currency Trading Blog | Forex Training and Tips | FXCC )

Forex Technical & Market Analysis FXCC Feb 22 2013

Social unrest against austerity measures rises in Europe

Greece and Bulgaria are in the main focus on Wednesday as dissatisfaction with the tough austerity measures pushed the people in both countries to protest in the streets.S&P warned that Cyprus might be downgraded to CCC+ and finally default. BoE Minutes revealed that Governor Mervyn King was outvoted on QE extension. Angela Merkel and Mariano Rajoy were also on the wires. Greek workers took part in the first general strike of the year. They protested against the reduction of wages and tax increases. Gsee y Adedy, two main labor unions which organized the strike, believe that the measures adopted by the government aggravate the situation in the country where the unemployment rate reached 27%, while youth unemployment stands at 60%.

The violent protests in Bulgaria on Tuesday, suppressed brutally by the police, resulted on Wednesday in the resignation of the country’s government. PM Boiko Borisov announced the decision in the morning, attributing it to his disapproval of way the protesters were handled the previous night. Bulgarians have been expressing their opposition towards the latest increases in the cost of electricity and power monopolies. They have also been accusing politicians of corruption and showing dissatisfaction with the low living standards. Meanwhile, German Chancellor Angela Merkel said in the European morning that countries should not carry out active exchange rate policies. She also stated that the “euro between $1.30 and $1.40 is normal in the historical perspective of the euro”. Spanish PM Mariano Rajoy presented new fiscal reforms on Wednesday, and announced that steps will be taken in order to prevent and suppress corruption connected with financial activities of political parties. -FXstreet.com
https://support.fxcc.com/email/technical/22022013/

2013-02-22 07:00 GMT | Germany. Gross Domestic Product s.a (QoQ) (Q4)
2013-02-22 10:00 GMT | E.M.U. European Commission Releases Economic Growth Forecasts
2013-02-22 13:30 GMT | Canada. Bank of Canada Consumer Price Index Core (YoY) (Jan)
2013-02-22 15:30 GMT | United states. FOMC Member Powell Speech


2013-02-22 05:31 GMT | AUD/JPY capped below weekly opening price 96.35
2013-02-22 05:20 GMT | EUR/USD, bearish storm set to continue?
2013-02-22 04:18 GMT | AUD/USD extends gains above 1.0320
2013-02-22 04:16 GMT | GBP/USD spikes to key 1.5320 resistance

TECHNICAL ANALYSIS
----------------------
EURUSD :
HIGH 1.32188 LOW 1.31828 BID 1.32144 ASK 1.32150 CHANGE 0.2% TIME 07 : 51:59

OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: EURUSD has gradually climbed during the Asian session, having made fresh high but lately lost momentum. In terms of technical levels next resistance level could be found at 1.3233 (R1). Appreciation above it would enable higher marks at 1.3270 (R2) and 1.3308 (R3). Downwards scenario: Instrument has comfortably ranged after its initial bearish setup and any further downside extension is protected now by the key support at 1.3160 (S1). Loss here is required to enable our initial targets at 1.3124 (S2) and 1.3086 (S3)

Resistance Levels: 1.3233, 1.3270, 1.3308
Support Levels: 1.3160, 1.3124, 1.3086

-------------------------
GBPUSD :
HIGH 1.53199 LOW 1.52438 BID 1.52870 ASK 1.52885 CHANGE 0.25% TIME 07 : 52:00

OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: While instrument trades above the moving averages, it keeps immediate upside potential. Next hurdle is seen at 1.5323 (R1), break above it might extend gains towards to next targets at 1.5365 (R2) and 1.5406 (R3). Downwards scenario: The short oriented traders expected to be in play below the next support level at 1.5210 (S1) to confirm downside evolvement. Clearance of this level I required to open way towards to next targets at 1.5166 (S2) and 1.5120 (S3).

Resistance Levels: 1.5323, 1.5365, 1.5406
Support Levels: 1.5210, 1.5166, 1.5120

-----------------------
USDJPY :
HIGH 93.414 LOW 92.919 BID 93.282 ASK 93.287 CHANGE 0.18% TIME 07 : 52:01

OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: USDJPY trapped to the consolidation phase. Fresh peak formed today offers a good resistance level at 93.42 (R1). Break here is required to take the pair towards to initial targets, located at 93.57 (R2) and 93.72 (R3). Downwards scenario: Relatively stable market is looking for priority in direction. Any prolonged movement below the support at 93.10 (S1) might enable downside forces and drive market price towards to next marks at 92.95 (S2) and 92.78 (S3) in perspective.

Resistance Levels: 93.42, 93.57, 93.72
Support Levels: 93.10, 92.95, 92.78

Source: FX Central Clearing Ltd,( Currency Trading Blog | Best ECN Broker | Forex Trading System | FXCC )

Forex Technical & Market Analysis FXCC Feb 22 2013

Social unrest against austerity measures rises in Europe

Greece and Bulgaria are in the main focus on Wednesday as dissatisfaction with the tough austerity measures pushed the people in both countries to protest in the streets.S&P warned that Cyprus might be downgraded to CCC+ and finally default. BoE Minutes revealed that Governor Mervyn King was outvoted on QE extension. Angela Merkel and Mariano Rajoy were also on the wires. Greek workers took part in the first general strike of the year. They protested against the reduction of wages and tax increases. Gsee y Adedy, two main labor unions which organized the strike, believe that the measures adopted by the government aggravate the situation in the country where the unemployment rate reached 27%, while youth unemployment stands at 60%.

The violent protests in Bulgaria on Tuesday, suppressed brutally by the police, resulted on Wednesday in the resignation of the country’s government. PM Boiko Borisov announced the decision in the morning, attributing it to his disapproval of way the protesters were handled the previous night. Bulgarians have been expressing their opposition towards the latest increases in the cost of electricity and power monopolies. They have also been accusing politicians of corruption and showing dissatisfaction with the low living standards. Meanwhile, German Chancellor Angela Merkel said in the European morning that countries should not carry out active exchange rate policies. She also stated that the “euro between $1.30 and $1.40 is normal in the historical perspective of the euro”. Spanish PM Mariano Rajoy presented new fiscal reforms on Wednesday, and announced that steps will be taken in order to prevent and suppress corruption connected with financial activities of political parties. -FXstreet.com
https://support.fxcc.com/email/technical/22022013/

2013-02-22 07:00 GMT | Germany. Gross Domestic Product s.a (QoQ) (Q4)
2013-02-22 10:00 GMT | E.M.U. European Commission Releases Economic Growth Forecasts
2013-02-22 13:30 GMT | Canada. Bank of Canada Consumer Price Index Core (YoY) (Jan)
2013-02-22 15:30 GMT | United states. FOMC Member Powell Speech


2013-02-22 05:31 GMT | AUD/JPY capped below weekly opening price 96.35
2013-02-22 05:20 GMT | EUR/USD, bearish storm set to continue?
2013-02-22 04:18 GMT | AUD/USD extends gains above 1.0320
2013-02-22 04:16 GMT | GBP/USD spikes to key 1.5320 resistance

TECHNICAL ANALYSIS
----------------------
EURUSD :
HIGH 1.32188 LOW 1.31828 BID 1.32144 ASK 1.32150 CHANGE 0.2% TIME 07 : 51:59

OUTLOOK SUMMARY : Down
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

MARKET ANALYSIS - Intraday Analysis

Upwards scenario: EURUSD has gradually climbed during the Asian session, having made fresh high but lately lost momentum. In terms of technical levels next resistance level could be found at 1.3233 (R1). Appreciation above it would enable higher marks at 1.3270 (R2) and 1.3308 (R3). Downwards scenario: Instrument has comfortably ranged after its initial bearish setup and any further downside extension is protected now by the key support at 1.3160 (S1). Loss here is required to enable our initial targets at 1.3124 (S2) and 1.3086 (S3)

Resistance Levels: 1.3233, 1.3270, 1.3308
Support Levels: 1.3160, 1.3124, 1.3086

-------------------------
GBPUSD :
HIGH 1.53199 LOW 1.52438 BID 1.52870 ASK 1.52885 CHANGE 0.25% TIME 07 : 52:00

OUTLOOK SUMMARY : Up
TREND CONDITION : Upward penetration
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: While instrument trades above the moving averages, it keeps immediate upside potential. Next hurdle is seen at 1.5323 (R1), break above it might extend gains towards to next targets at 1.5365 (R2) and 1.5406 (R3). Downwards scenario: The short oriented traders expected to be in play below the next support level at 1.5210 (S1) to confirm downside evolvement. Clearance of this level I required to open way towards to next targets at 1.5166 (S2) and 1.5120 (S3).

Resistance Levels: 1.5323, 1.5365, 1.5406
Support Levels: 1.5210, 1.5166, 1.5120

-----------------------
USDJPY :
HIGH 93.414 LOW 92.919 BID 93.282 ASK 93.287 CHANGE 0.18% TIME 07 : 52:01

OUTLOOK SUMMARY : Neutral
TREND CONDITION : Sideway
TRADERS SENTIMENT : Bullish
IMPLIED VOLATILITY : Medium

Upwards scenario: USDJPY trapped to the consolidation phase. Fresh peak formed today offers a good resistance level at 93.42 (R1). Break here is required to take the pair towards to initial targets, located at 93.57 (R2) and 93.72 (R3). Downwards scenario: Relatively stable market is looking for priority in direction. Any prolonged movement below the support at 93.10 (S1) might enable downside forces and drive market price towards to next marks at 92.95 (S2) and 92.78 (S3) in perspective.

Resistance Levels: 93.42, 93.57, 93.72
Support Levels: 93.10, 92.95, 92.78

Source: FX Central Clearing Ltd,( Currency Trading Blog | Best ECN Broker | Forex Trading System | FXCC )

Forex Technical & Market Analysis FXCC Feb 25 2013

Italy at the crossroads ahead of weekend elections
On 24 and 25 February Italy heads to the polls to vote in the general election, called two months before of the end of the statutory five-year term. The outcome is rather uncertain as many voters remain undecided as to who to choose. Before the opinion polls blackout on 8 February, surveys showed that the center-left party had the most support.

The frontrunners in the election are the head of the center-left Democratic Party (PD) Pier Luigi Bersani and center-right People of Freedom (PDL) party’s leader Silvio Berlusconi. Third in the opinion polls comes the comedian turned populist politician Beppe Grillo an his 5-Star movement (5SM). The current Italian Prime Minister Mario Monti leading the Civic Choice coalition party also takes part in the elections, but is not expected to claim victory, but rather be a “kingmaker”. The outcome of the election is crucial as the new government will have to make head against the fiscal crisis consuming the country and implement reforms in order to prop up the ailing economy. A failure to do so would have dire implications for Italy and consequently the entire Eurozone as providing a bailout for such a large economy might prove to be impossible. As chief economist at Maverick Intelligence Megan Green suggests in an article for Bloomberg: “The next government in Rome may be stable or reformist by Italian standards, but it will not be both.”
http://blog.fxcc.com/forex-technical...ruary-25-2013/

Forex Economic Calendar
2013-02-25 09:30 GMT | United Kingdom. BBA Mortgage Approvals (Jan)
2013-02-25 13:30 GMT | United States. Chicago Fed National Activity Index (Jan)
2013-02-25 17:15 GMT | Canada. BoC Governor Mark Carney Speech
2013-02-25 21:15 GMT | Australia. RBA Assist Gov Debelle Speech

Forex News
2013-02-25 05:46 GMT | GBP/USD sinks beneath 1.5100
2013-02-25 05:22 GMT | Euro traders shift gaze to Rome
2013-02-25 05:02 GMT | USD/JPY recovers again above 94.00
2013-02-25 04:23 GMT | NZD/USD expected at 0.87 by year end – NAB



TECHNICAL ANALYSIS
--------------------
EURUSD

HIGH: 1.32137 | LOW: 1.31814 | BID: 1.32024 | ASK: 1.32031 | CHANGE: 0.14% | TIME: 08 : 02:49



OUTLOOK SUMMARY: Neutral
TREND CONDITION: Sideways
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: We are not expecting significant volatility increase today however clearance of our next resistive barrier at 1.3220 (R1) is required to push the price towards to our next visible targets at 1.3244 (R2) and 1.3268 (R3). Downwards scenario: Risk of the further downtrend formation is seen below the 1.3179 (S1). With penetration here opens a route towards to our immediate support level at 1.3156 (S2) and any further price cut would then be limited to final target at 1.3130 (S3).

Resistance Levels: 1.3220, 1.3244, 1.3268
Support Levels: 1.3179, 1.3156, 1.3130

----------------------
GBPUSD

HIGH: 1.51368 | LOW: 1.50734 | BID: 1.51297 | ASK: 1.51309 | CHANGE: -0.25% | TIME: 08 : 02:50



OUTLOOK SUMMARY: Down
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: GBPUSD is pointing to a negative market sentiment by losing -0.25% today. Though clearance of our resistance at 1.5167 (R1) might trigger recovery action towards to our initial targets at 1.5214 (R2) and 1.5260 (R3). Downwards scenario: Our next support level is seen below the local low at 1.5075 (S1). Any penetration below this level would increase likelihood of the downtrend development and suggest bearish priority in direction. Intraday support levels are placed at the 1.5030 (S2) and 1.4984 (S3) marks.

Resistance Levels: 1.5167, 1.5214, 1.5260
Support Levels: 1.5075, 1.5030, 1.4984

---------------
USDJPY

HIGH: 94.359 | LOW: 93.972 | BID: 94.175 | ASK: 94.182 | CHANGE: -0.84% | TIME: 08 : 02:52



OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: Market maintains a positive medium-term tone and currently is limited to our next resistive barrier at 94.36 (R1). If it manages to break it we would suggest next intraday targets at 94.50 (R2) and 94.65 (R3). Downwards scenario: On the other hand, break below the support at 93.96 (S1) would open a route for a recovery phase. Further market decline would then be targeting next supportive measures at 93.80 (S2) and 93.65 (S3).

Resistance Levels: 94.36, 94.50, 94.65
Support Levels: 93.96, 93.80, 93.65

Source: FX Central Clearing Ltd,( FX Central Clearing Ltd )

Forex Technical & Market Analysis FXCC Feb 26 2013

Italians lead the country to ungovernability
Italians are leading the country to the ungovernability, and after a neck-to-neck battle to take control over the lower house between the center-left Bersani’s party and Mr. Grillo’s five star movement, with the first claiming a marginal victory, the big problem now lies in the advance from the center-right Berlusconi’s group and Mr- Grillo in the Senate, where there is no majority by any party. According to the latest reports, which show a 99.9% ballot scrutiny conducted, Italy’s center-left Bersani won by a slim margin the lower house while the Senate is confirmed to be deadlocked. The failure to build a coalition between the center-left Bersani’s party in both chambers, will now make any austerity-led implementation laws taken by the uncertain government a slow and difficult process.

As the Wall Street Journal notes: “The result is that Italy may, over the next few weeks, try to form a temporary government backed by a grand coalition of left and right-wing forces with the sole aim of changing Italy’s electoral law and then going to a vote again as early as summer. It isn’t clear who would run such a short-lived government.” Overall, what the results show is a fragmented Italian society, where almost 1/4 of the population failed to turn up at the polling stations, but most worrisome of all is the situation in the Senate, where even with Monti’s support, neither Bersani’s nor Grillo’s party will be able to pass key laws it appears, thus heightening fears over the austeritarian path Italy had undertaken under Monti’s technocrat government being no longer viable. A temporary hung parliament through a grand coalition government? Possibility of a second election being called? At the moment the landscape in Italian politics is extremely uncertain. What appears to have gained clarity though, is that Italian bonds are likely to be dumped until the political mess clears up.
http://blog.fxcc.com/forex-technical...ruary-26-2013/

Forex Economic Calendar
2013-02-26 10:00 GMT | United Kingdom. Inflation Report Hearings
2013-02-26 14:00 GMT | United States. Housing Price Index (MoM) (Dec)
2013-02-26 15:00 GMT | United States. Fed’s Bernanke testifies
2013-02-26 21:45 GMT | New Zeland. Trade Balance (MoM) (Jan)

Forex News
2013-02-26 05:36 GMT | EUR/USD to bounce on Bernanke testimony – Westpac
2013-02-26 05:20 GMT | GBP/USD above 1.52, against all
2013-02-26 04:45 GMT | EUR/JPY sellers win 38.2% fib battle; breaks sub 120.00 again
2013-02-26 04:08 GMT | USD/JPY returns to the downside below key 92.20



TECHNICAL ANALYSIS
---------------------
EURUSD

HIGH: 1.30889 | LOW: 1.30384 | BID: 1.30558 | ASK: 1.30567 | CHANGE: -0.04% | TIME: 09 : 00:22



OUTLOOK SUMMARY: Down
TREND CONDITION: Down Trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Instrument stabilized after the losses provided yesterday and we expect neutral formation development prior further volatility increase. Intraday bull’s power might activate when the pair approach resistance level at 1.3092 (R1). Our next target is seen at 1.3118 (R2) and 1.3143 (R3). Downwards scenario: Penetration below the local low at 1.3036 (S1) might maintain a negative tone and prolong downtrend formation. Price devaluation would then be targeting our supportive measures at 1.3011 (S2) and 1.2985 (S3).

Resistance Levels: 1.3092, 1.3118, 1.3143
Support Levels: 1.3036, 1.3011, 1.2985

---------------------------
GBPUSD

HIGH: 1.52188 | LOW: 1.51404 | BID: 1.51855 | ASK: 1.51864 | CHANGE: 0.17% | TIME: 09 : 00:23



OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: Instrument gained momentum, turning intraday bias to the positive side. Next resistance ahead is seen at 1.5220 (R1). Upwards penetration above it might drive market price towards to initial targets at 1.5253 (R2) and 1.5284 (R3). Downwards scenario: Opportunities for bearish oriented traders are seen below the important support level at 1.5153 (S1). Loss here would open door for the downtrend expansion towards to interim targets at 1.5118 (S2) and 1.5081 (S3).

Resistance Levels: 1.5220, 1.5253, 1.5284
Support Levels: 1.5153, 1.5118, 1.5081

-----------------------
USDJPY

HIGH: 92.745 | LOW: 91.744 | BID: 91.791 | ASK: 91.798 | CHANGE: -0.03% | TIME: 09 : 00:24



OUTLOOK SUMMARY: Down
TREND CONDITION: Down Trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: Instrument has over performed yesterday, being unable to made significant correction. Our focus returned to the resistive barrier at 92.59 (R1). If the price manages to surpass it, market participants have a chance to establish recovery formation towards to next targets at 92.89 (R2) and 93.18 (R3). Downwards scenario: Markets simply ignored all supportive measures yesterday and formed clear bearish bias. Risk of further decline is seen below the key support level at 91.74 (S1). Break here is required to enable lower target at 91.47 (S2) and 91.18 (S3).

Resistance Levels: 92.59, 92.89, 93.18
Support Levels: 91.74, 91.47, 91.18

Source: FX Central Clearing Ltd,( Best Forex Trading Platform | Forex ECN Broker | FXCC )