The Advisor Weblog

Hourly perspective for US session
EUR/USD technical view
Best pair to trade now: GBP/USD
Starting the day

Hourly perspective for US session

Posted: 07 Mar 2011 06:50 AM PST

Here is the hourly perspective updated for the US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2011/03/07/03/

EUR/USD technical view

Posted: 07 Mar 2011 05:13 AM PST

The EUR/USD remains well bid an above the 76.4% retracement of the weekly slide from 1.4281 to 1.2873, around 1.3950. That is a strong support area, that should now attract buyers; 20 SMA in the 4 hours chart is barely below, with a strong bullish slope, while momentum is back heading north, supporting the bullish case: above 1.4035, resistances today lie at 1.4060 and 1.4090 area; below 1.3990, supports are at 1.3950 zone, and 1.3910 level, not seen right now.

Best pair to trade now: GBP/USD

Posted: 07 Mar 2011 04:17 AM PST

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/03/07/02/

Starting the day

Posted: 07 Mar 2011 04:15 AM PST

Hi everyone and welcome back! After Trichet almost announced a rate hike past week, dollar weakness has become more notorious, despite unemployment readings where far from disappointing: unemployment rate in the US fell to 8.9%, levels not seen since April 2009, while the economy managed to create around 193K jobs.

Still and despite some slow movements this European morning, stocks are positive while commodities continue their way up: oil is above $106 a barrel, gold is at $1441/oz, having st today a fresh record high just above that level.

EUR/USD is firm above 1.4000, heading towards the 1.4060 area, while GBP/USD, despite above 1.6300, is not actually showing enough bullish strength.

Trend against greenback is still unchanged, and I don’t expect anything that could interrupt it today, as calendar is pretty light; here is the link:

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

Have a great day!