The Advisor Weblog

Best pair to trade now: EUR/USD
Gbp/Usd, unable to regain 1.5700
EUR/USD halted at the descendant trend line
Majors’ sentiment for today
Starting the day

Best pair to trade now: EUR/USD

Posted: 16 Feb 2010 06:09 AM PST

This is my choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-02-16.v02.html

Gbp/Usd, unable to regain 1.5700

Posted: 16 Feb 2010 05:13 AM PST

Pound has tested again the 1.5700 area, retreating quickly from that zone unable to hold. Quoting around 1.5675, the downside remains contained by the 20 SMA; pair seems slightly bearish reading indicators in both in 1 and 4 hours charts, yet we need to see the pair under 1.5660 to confirm further falls with next supports at 1.5530 and 1.5480 area. Resistances come at the 1.5720 zone, ahead of 1.5770 and 1.5810.

EUR/USD halted at the descendant trend line

Posted: 16 Feb 2010 03:22 AM PST

Euro rise found a tough resistance at the daily descendant trend line coming from past January 14th, at 1.3680. Despite above yesterday’s close, 4 hours charts show the bearish tone intact, with indicators retreating from there middle line, and 20 SMA still with a bearish slope. Right now at the 1.3640 support area, and acceleration to the downside likely to send the pair close to 1.3600, with next supports at 1.3570 and 1.3530, above mentioned 1.3680, resistances come at 1.3720 and the 1.3750 zone.

Majors’ sentiment for today

Posted: 16 Feb 2010 03:13 AM PST

Here is majors’ sentiment for today:

Eur/Usd: Slightly Bullish

Gbp/Usd: Slightly Bullish

Usd/Chf: Slightly Bearish

Usd/Jpy: Neutral

Eur/Gbp: Slightly Bullish

Eur/Jpy: Bullish

Gbp/Jpy: Slightly Bullish

Starting the day

Posted: 16 Feb 2010 03:10 AM PST

Hi everyone and welcome back! After a more than quiet Monday, Asian session bring some relief to majors, that rebounded slightly against greenback following local stocks that also rise. However, risk aversion has not gone, and early data in Europe show economic sentiment for the euro zone, according to ZEW survey fell under expectations.

Dollar and yen are slightly down against European rivals, while commodity currencies like Aud and Cad keep rising slowly but steady against greenback. Today, we have a couple of interesting reports in the U.S. that could wake up market, flat since the week started. Here is the link for today’s calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!

But lingering concerns over the economic and fiscal health of euro-zone members will likely continue to weigh on the common currency, dealers said.