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Forex Technical & Market Analysis FXCC
#1
Forex Technical & Market Analysis FXCC Feb 11 2013

EU leaders reach 7-year budget deal

After more than 24 hours of negotiations, European Council President, Herman Van Rompuy, announced Friday that the 27 members of the European Union have reached agreement on the EU budget framework for the next seven years. Van Rompuy’s plan proposed to limit new spending commitments by Brussels to €960 billion, versus the €1.03 trillion originally sought by the European Commission and €12 less than the previous proposal. This way, the 2014-2020 budget agreement involves a €34 billion cut from current budget cycle, set at €994 billion. Analysts interpreted the agreement as a victory for the United Kingdom and net contributors to the EU budget.

It will be the first net reduction to the EU’s long-term budget in the bloc’s history, representing a decrease of around 3%on the last budget and shaving spending in areas from infrastructure to administration and scientific research. Even though the deal is done, the EU budget is not official yet, not until the European Parliament gives its approval, but leading legislators have already expressed opposition. The cuts agreed on Friday fell mainly on spending for cross-border transportation schemes, energy and telecommunications networks as well as the EU officials’ salaries. On the other hand, spending on rural development has been increased by €1.5 billion. While Rajoy welcomed the deal and said it is beneficial for Spain, German Chancellor Angela Merkel said budget deal combines growth and consolidation and it is a good sign for investors. She said all 27 members backed budget agreement.

Forex Economic Calendar
N/A | E.M.U. Eurogroup Meetings
2013-02-11 18:00 GMT | United States. FOMC Member Yellen Speaks
2013-02-11 18:00 GMT | Canada. BoC Gov Council Member Lane Speech
2013-02-11 21:45 GMT | New Zeland. Electronic Card Retail Sales (YoY) (Jan)

Forex News
2013-02-11 05:47 GMT| EUR/USD faces calls for 1.3250; worst week since late June 2012
2013-02-11 05:08 GMT | GBP/USD frozen around 1.5800 handle
2013-02-11 04:26 GMT | AUD/USD dives under 1.0300
2013-02-11 03:35 GMT | GBP/JPY holding barely above 146.00



TECHNICAL ANALYSIS
--------------------
EURUSD

HIGH: 1.33909 | LOW: 1.33634 | BID: 1.33859 | ASK: 1.33863 | CHANGE: 0.17% | TIME: 09 : 43:47

[Image: EURUSD.gif]

OUTLOOK SUMMARY: Up
TREND CONDITION: Upward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

MARKET ANALYSIS – Intraday Analysis
Upwards scenario: Instrument formed fresh high of the day recently and turned retail trader’s sentiment to the positive side. Further market rise would then be targeting resistance levels at 1.3408 (R1), 1.3436 (R2) and last one at 1.3462 (R3). Downwards scenario: We expect some consolidation from initial downside extension however. Possible price depreciation is limited to the key support barrier at 1.3351 (S1). Decline below it might resume weakness towards to our initial targets 1.3324 (S2) and 1.3298 (S3).

Resistance Levels: 1.3408, 1.3436, 1.3462
Support Levels: 1.3351, 1.3324, 1.3298

-------------------
GBPUSD

HIGH: 1.58097 | LOW: 1.57771 | BID: 1.57790 | ASK: 1.57799 | CHANGE: -0.08% | TIME: 09 : 43:48

[Image: GBPUSD.gif]

OUTLOOK SUMMARY: Up
TREND CONDITION: Up trend
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: Market tested positive side today and formed gradual ascending move. Next resistance in focus holds at 1.5821 (R1). If the break occur here we might see stronger move, targeting next attractive marks at 1.5836 (R2) and 1.5851 (R3). Downwards scenario: On the downside our reference point locates at 1.5791 (S1), decrease below it might enable bearish pressure, targeting 1.5777 (S2) and any further fall would then be limited to last support level at 1.5762 (S3).

Resistance Levels: 1.5821, 1.5836, 1.5851
Support Levels: 1.5791, 1.5777, 1.5762

---------------------
USDJPY

HIGH: 92.743 | LOW: 92.357 | BID: 92.600 | ASK: 92.607 | CHANGE: -0.07% | TIME: 09 : 43:49

[Image: USDJPY.gif]

OUTLOOK SUMMARY: Down
TREND CONDITION: Downward penetration
TRADERS SENTIMENT: Bullish
IMPLIED VOLATILITY: Medium

Upwards scenario: Possibility of price progress is seen above the next resistance level at 92.74 (R1). Breakthrough here would suggest our interim target at 92.95 (R2) and then target at 93.17 (R3) acts as last supportive measure for today. Downwards scenario: In favor of bearish market participants market tone remains negative on the medium-term perspective. Our next support level aligns at 92.35 (S1). Price regress below it might encounter downside rally and expose our initial targets at 92.12 (R2) and 91.90 (R3).

Resistance Levels: 92.74, 92.95, 93.17
Support Levels: 92.35, 92.12, 91.90

Source: FX Central Clearing Ltd,( Currency Converter | Forex ECN Broker | Forex Demo Account |FXCC )
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