Forex News – 13th July 2011


Ireland’s rating was cut by 1 notch to Ba1 by Moody’s as growing possibility of further rounds of
official financing before it can return to the private market following the end of the current EU/IMF
support program at year-end 2013.

EUR/USD is consolidating, digesting the news regarding the European sovereign debt. Main support
is seen at $1.3961, Resistance at $1.4068.

Focus remains on 15th July, this coming Friday where the European Stress Test results are due to
be published at 16:00 GMT.


Aided via the bullish engulfing, GBP has managed to retain its tone and hold onto its against the
Us Dollar:

Traders are focusing on the Employment data in The UK along with Average Earnings Index.
This will create a major move in GBP pairs as it always Does. A weaker than expected data may
weaken GBP for the remaining hours of the European session and vice versa.

Technical Observation, USD/JPY

A hammer formed on a 4hr chart, suggesting a trend reversal in the pair. A confirmation to the
reversal mayalso be given Due to oversold conditions both in The RSI and Stochastic Slow.

The European bulls may notice the hammer soon and help the pair to regain some of its early losses,
targeting Y80.50.

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