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EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2682 but whipsawed to the downside, bottomed at 1.2517 and closed at 1.2533. The bias is bearish in nearest term. However note that 1.2500 might be a significant support at this phase as we know the last time price hit that area, it made an upside correction to 1.3093. Immediate support at 1.2460 area. Break below that area could trigger further bearish momentum towards 1.2386 region before testing 1.2300. Initial resistance at 1.2605. Break above that area could trigger further upside correction testing 1.2685 but I prefer a bearish scenario at this phase with short on rallies strategy.


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EUR/USD

The Euro remained under pressure in early Europe on Wednesday and tested support levels close to 1.26 against the dollar. German GDP rose 0.2% in the first quarter which was slightly stronger than expected while the GDP data for the Euro-zone as a whole was marginally firmer than expected at 0.2%. The economic data continued to have only a limited impact as structural uncertainties remained the dominant focus.

The Spanish government announced that there would be additional spending cuts in order to reduce the budget deficit to 6% of GDP in 2 years time from around 11.2% this year. The deficit-reduction plans maintained fears that Euro-zone demand would remain very weak over the next year. In turn, there ...

Biggest % gainers: EUR/GBP up 0.31%, USD/CHF ...not much momentum there.

Biggest % losers: GBP/JPY down 1.35%, EUR/JPY down 1.03%, GBP/USD, CHF/JPY on EUR, CHF & GBP weakness and JPY & USD strength. That's where the momentum is today...to the down side. That's one nice advantage of the intraday lists...it shows you which currencies are the real movers and if the momentum is more to the up side or down side.

Euro weighed down by dovish comments from the ECB: http://www.dailyfx.com/forex/fundame..._Comments.html

GBP Trade Balance worse at -7.5B vs. -6.5B expected.

USD Unemployment Claims 444k vs. ...

EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2738 but closed lower at 1.2614 and traded around 1.2637 at the time I wrote this comment. The bias is neutral in nearest term but the main scenario remains bearish. Immediate resistance at 1.2690. Break above that area could trigger further bullish correction testing 1.2750 – 1.2800 region. Initial support at 1.2523/00 region. Consistent move below that area should continue the major bearish scenario targeting 1.2300 area in longer term view.




GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.5043 but whipsawed to the downside, bottomed at 1.4818 ...