The Euro’s recovery from 1.3445 low extended higher throughout the Asia session

<p>  EUR/USD Range: 1.3608 – 1.3699 Support: 1.3610 Resistance: 1.3730 The Euro’s recovery from 1.3445 low extended higher throughout the Asia session. After a slight pull back to […]</p>

 

EURUSD

EUR/USD

Range: 1.3608 – 1.3699
Support: 1.3610
Resistance: 1.3730
The Euro’s recovery from 1.3445 low extended higher throughout the Asia session. After a slight pull back to the 1.3610 area, the pair has pushed higher breaking through the 1.3660 resistance and is now trading towards the sessions highs (1.3695). On the upside, the pair might find resistance at 1.3700 and above here 1.3750 (Nov 15th high). On the downside support lies at 1.3610 and below their 1.3575. It seems that Ireland is coming ever closer to receiving financial aid from the EU and IMF.

 

 

GBPUSD

GBP/USD

Range: 1.6197 – 1.6286
Support: 1.6000
Resistance: 1.6090
The British pound rallied through Thursday’s session; and it would be easy to attribute this strength to the improvement in scheduled data. Retail sales grew more than expected at 0.3%, public deficit figures are slowly trending lower and the CBI factory orders jumped from an August 2008 low. However the real catalyst is coming from a shared solution to Ireland’s problems.

 

 

USDCAD

USD/CAD

Range: 1.0180 – 1.0210

Support: 1.0180
Resistance: 1.0230
With risk appetite trends improving, the Canadian Dollar would take up its regular line as a commodity currency and appreciate as well. However this correlation is growing increasing less apparent, as the OECD calling the nation to cut deficits and economists lamenting the BoC’s decision to raise rates earlier this year. A break above 1.0230 will be a major sign of a reversal, whereas a break below 1.0150 may signal a return to the parity which we saw only a few weeks ago.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.