Forex News – 4th July 2011

EUR

S&P comments suggesting Greek debt rollover plan may place Greece in a selective default.
EUR/|USD dropped byOver 50 pips today to a low of $1.4509 but a moderate correction is taking place,
with traders focusing on this Thursday’s ECB meeting where a rate hike of +25bps is expected.

The press conference this Thursday, followed by the news rates may should provide hints to future
rate hikes. Analysts expect EUR/USD to trade with a positive tone this week, possibly re-testing
$1.4700 highs.

GBP

should the construction PMI show a figure below 50.0 today GBP may be sold through the rest of the global
day as A result. Speculations are already flooding the market about an extended QE in The UK.

Technical Observation, EUR/AUD

Commentary

It appears EUR/AUD is beginning its sideways journey between 1.3557 (resistance) and 1.3445 (support).

The resistance is well-supported via 21MA (currently 1.3553).

Look for a breakout in either a direction. A break under 1.3445 (76.40% Fibo) will open the way for a full correction
Towards 1.3371.

A break above 1.3557 will pave the bullish trend towards 1.3680

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