The Advisor Weblog

Posted: 10 Jun 2011 07:58 AM PDT

Another Friday, another Beginners Corner webinar! We are going to talk today about continuation figures, how to trade them and when, where to place stops, limits and why, and which are the most reliable ones. I will also leave the last 15 minutes for any kind of technical doubt.

Here is the link for the webinar:

http://www.fxstreet.com/webinars/sessions/session.aspx?id=74111d57-c732-4933-8c98-1e75ffdf53c8

Hope to see you all there!

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Starting the day

Posted: 10 Jun 2011 04:17 AM PDT

Hi everyone! Dollar is up across the world this European morning, extending yesterday's gains particularly against Euro and Pound at fresh multi-week lows. Despite Trichet hint a rate hike past Thursday, yet he also expressed the ECB concerns about sovereign debt issues, plus stated that the bank won't "pre-commit" to rate hikes, sending Euro diving over 150 pips.

Dollar continues advancing with local share markets fighting to stay positive, with euro under strong pressure on Greek 5 year credit default swaps rising to 1.545 bps. Still, I'm not bullish in dollar. I still think there are no technical or fundamental reasons, to see the greenback regaining a bullish trend. We may see some corrections, and even ranges as summer in the north hemisphere begins, but the general bearish tone persist.

For EUR/USD, the 1.4440 area seems quite a support now, yet lose of this last may see the rally extending near 1.4380, 200 EMA in the 4 hours chart. Resistances now should come at 1.4480, 1.4520 and 1.4560, previous day's lows, which I expect should keep the upside limited today.

For GBP/USD, only a clear recovery above 1.6330 may help the pair to regain some ground, towards 1.6370 area. Gains above 1.6400 are not seen for today, while supports lie at 1.6250 and 1.6210.

Here is the link for today's calendar:

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

Have a great trading day!