By Forex Signs, Inc.
The British Pound yesterday enjoyed a good trading day, as prices went to a high of 1.6059and closed at 1.6053 against the US Dollar. With various British economic indicators having a better than expected figures for this week, the US side seems to pause on its economic recovery. Yesterday British retail sales remained at a stable 0.5%, while CBI industrial order expectation rose to -15 this month from -28 in October, which was above the expected -24 index.
For the upcoming European session, expect the market to be volatile as Fed Chairman Bernanke is scheduled to deliver a speech at a European Central Bank conference in Frankfurt. Part of his speech is his defense of the Fed’s monetary policy on its “Quantitative Easing” program and its possible effects on global economy. After his speech, BOE Deputy Governor Paul Tucker is set to deliver a speech, possibly discussing Britain’s role in helping the EU in its planned bailout package for Ireland.
Selling Momentum of EURJPY
After being bullish for the past consecutive days, the Euro has finally taking chances on the bearish trend channel. As of today’s European session, at the M30 time frame, the Euro is still moving along its current short term consolidation pattern with the simple MA (21), and is looking to retest the immediate support level at 113.34 levels. Meanwhile, at the H4 time frame, the MACD (10, 26, 9) along with the RSI (14), which is already at the neutral position, is now stimulating a selling opportunity for the upcoming trading, but continuous short term consolidation in the following hours may still be visible. For the moment, a hold position is applicable for the current movement of the EURJPY pair, and overall bias may likewise turn into a sell proposal.
Forex Signs, Inc., Founded in 2006 in Wall Street, New York City, FSI relentlessly strives to be the premier Forex brokerage company in the industry by providing exclusive and unmatched trading and investment related services while constantly developing innovative solutions that cater to the vast requirements of both individual and institutional market participants.