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Welcome to the FXReturn.com London Forex Market Call for December 21st, 2009. GBP/USD: Closed on the 38.2% Fibonacci retracement level. If the bulls can keep the market above 1.6150, the next upside objective would be 1.6290. The next level of major support is the pivot low posted from early July at 1.5981. GOLD: Found support at the 1100 level and closed above the 50 day average. The next upside objective is 1125 then 1150. The Staff at FXReturn.com wishes you continued success and a happy holiday season. Visitors can sign up for our FREE Live Interactive Webinars and Live Trading Rooms at FXReturn.com. Please click the following link to view today's London Market Call:Created with Camtasia Studio 5

Yesterday I posted an outlook on the Eur/Usd, today I want to go a bit more in depth with the pair by looking at the daily charts.

The first thing I noticed when looking long term is the Fibonacci retracement level all the way from the beginning of this up move back when the price was 1.2464 that the .382 level is around 1.4119 area. We are getting near that level now so that could be a major area of support that the Dollar must contend with for this bullish move.

Daily Chart

Next I am going to zoom in to the daily chart and look at this particular move to the downside. First I have drawn in the support level at 1.41783 so we have that to contend with, in addition to the Fibonacci support level ...

[B]The Euro had a terrible week, hit by bad news and losing major support lines. The upcoming week doesn’t have too many major indicators, but they could still move the Euro. Here’s an outlook for this week’s events, and an updated technical analysis for EUR/USD – the pair is in new ground.[/B]

EUR/USD chart with support and resistance lines marked on it. Click to enlarge:
[URL="http://www.forexcrunch.com/wp-content/uploads/2009/12/eur-usd-forecast1.png"][IMG]http://www.forexcrunch.com/wp-content/uploads/2009/12/eur-usd-forecast1-450x310.png[/IMG][/URL]

[B][URL="http://www.forexcrunch.com/eurusd-hit-by-greece-spain-and-now-america/"]The problems from Greece[/URL][/B] continued to hurt ...

[B]The positive employment data helped the Pound against the Euro but not against the dollar. At lower ground, GBP/USD awaits final GDP results among other indicators. Here’s an outlook for the upcoming short Christmas week in Britain, and an updated technical analysis for GBP/USD, looking down.[/B]

GBP/USD chart with support and resistance lines marked on it. Click to enlarge:
[URL="http://www.forexcrunch.com/wp-content/uploads/2009/12/gbp-usd-forecast1.png"][IMG]http://www.forexcrunch.com/wp-content/uploads/2009/12/gbp-usd-forecast1-450x311.png[/IMG][/URL]

Inflation picked up a little bit, while retail sales disappointed in a busy week in Britain. The big news was that [B][URL="http://www.forexcrunch.com/british-employment-improves-again-pound-unexcited/"]Britain ...