Forex News – 8th July 2011

EUR

EUR/USD posted a low of $1.4219 when suddenly it burst to life, following Trichet’s comments to
suspend the minimum rating threshold for Portuguese debt collateral, making an high of $1.4372,
which is a +153 pips.

Main focus will be on the non-farm payrolls at 12:30 GMT. For the benefit of the new traders this
is market-moving event.

Initial resistance is seen at $1.4370.

Traders will look for a daily close above 100Ma ($1.4386) for further gains in the pair.

GBP

GBP/USD was unable to sustain its gains as trade sold the pound against the euro along with the
NIESR GDP Estimate coming in at 0.1%, which prevented any rise in the pair.

Today’s PPI Input m/m at 08:30am GMT may have some impact on the pair although the main
release is the non-farm payrolls later on in the global day.

Commetary

EUR/USD is faltering around $1.4369 level, which is being met by 21MA, currently at $1.4382.

A break above $1.3282 sees gains extending towards $1.4500 where the market’s bulls expected
To meet hungry sellers.

A break under $1.4335 is required in order to confirm a temporary top is in place, weakness may be seen
In the pairs towards $1.4212 (76.40%) level.

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