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Being contained by 1.2624 (Jan 13 low) support, EURUSD rebounds from 1.2642 and breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.2642. Range trading between 1.2642 and 1.2900 would likely be seen in a couple of days. Another fall to re-test 1.2624 previous low support could be expected, a breakdown below this level will signal resumption of the long term downtrend from 1.4938 (May 4, 2011 high).



Provided by ForexCycle.com

[B]BIAS[/B]: I feel this can see a deeper pullback but not convinced we have seen the final low

[B]Resistance[/B]:... 1.5838........ 1.5862-69... 1.5890... 1.5910-30
[B]Support[/B]:........ 1.5772-85... 1.5757........ 1.5732... 1.5708-17

[B]MAIN ANALYSIS[/B]: The drop below 1.5770 saw extension below 1.5747 to 1.5732. However, the manner of the decline suggests we have not yet seen the final low. In the meantime this really needs a deeper correction before it can extend back down to a more appropriate target. Thus today should see the correction higher extend above 1.5838 and to the 1.5860-90 area (allow for the 1.58910-30 congestion area) and from here the downside can resume back down to the 1.5732 ...

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The surging US dollar pummelled the British pound this week, as GBP/USD lost around 260 pips, closing just above the 1.58 line, at 1.5807. The upcoming week is very busy with 10 releases, including CPI and Retail Sales. Here is an outlook for the upcoming events, and an updated technical analysis for GBP/USD.

Last week’s UK employment data was positive, but of little help to the pound, which has shed around five cents in the month of May. Trade Balance figures were weak, and the turmoil and instability spreading through the Euro-zone is giving a strong push to the dollar.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-outlook-may-21-25/"]GBP/USD Outlook May 21- 25[/URL][/I][/B]

The precious metals market changed direction during the second part of the week. Both metals started off the week falling along with the rest of the commodities markets and Forex rates (e.g. the Euro/USD). In Europe the conditions haven't improved: The new elections in Greece will be held on June 17. The ECB temporarily stopped lending to several Greek banks. Moody’s downgraded the Spanish Banks. These events along with the positive news of the U.S housing starts may have adversely affected bullion markets. On the other hand there was some positive news from Europe mainly the higher than expected growth rate of Germany's GDP in the Q1 2012 (a growth rate of 0.5%).

On Thursday it was reported that the Philly Fed Index tumbled ...