Daily Forex Market by FXCC 03Mai2012

[alayoua]

[b]Daily Forex Market by FXCC 03Mai2012

EUR/USD below 1.3150 ahead of ECB

EUR/USD is currently at 1.3145 off session lows at 1.3137, coming lower from NY session highs 1.3167, in a relatively quiet Asia-Pacific session with Tokyo closed for holiday. Local open share markets trade in the red over all, with Shanghai index leading the way lower with some -1.85%. The London session ahead shows a busy agenda though not because of many risk events but because of very key ones, including ECB interest rate statement at 11:45 GMT this time extraordinarily coming from Barcelona, followed by press conference at 12:30 GMT. Also at 09:00 GMT will come EU monthly PPI, but more importantly, two major bond auctions will take place along the European morning, from Spain and France at 08:30 and 08:50 GMT respectively.

Cable is quietly trading within a tight range 1.6207/1.6188 since early NY, last at 1.6195, lower by -0.15% since yesterday's Asia-Pacific open. The pair is down for the week some -0.43% after hitting fresh 7-month highs Monday at 1.6301, now retreating from there with weekly lows yesterday at 1.6162.
Read More


UPCOMING EVENTS :
2012-05-03 08:30 GMT | United Kingdom Purchasing Manager Index Services (Apr)
2012-05-03 09:00 GMT | European Monetary Union Producer Price Index (YoY)
2012-05-03 09:00 GMT | European Monetary Union Producer Price Index (MoM)
2012-05-03 11:45 GMT | European Monetary Union ECB Interest Rate Decision

FOREX NEWS :
2012-05-03 04:00 GMT | EUR/USD below 1.3150 ahead of ECB
2012-05-03 03:33 GMT | AUD/CAD hits fresh 5-month low 1.0146
2012-05-03 00:57 GMT | GBP/USD quietly trading below 1.6200
2012-05-03 00:27 GMT | USD/JPY frozen above 80.00

---------------------
EURUSD : 1.31412 / 1.31415



1.3283 | 1.3241 | 1.3203 | 1.3168
1.3123 | 1.3104 | 1.3057 | 1.3000

SUMMARY : Down
TREND : Down trend
MA10 : Neutral
MA20 : Bearish
STOCHASTIC : Neutral


MARKET ANALYSIS - Intraday Analysis

The EURUSD fell and formed a bottom at 1.3123 (S1). After that the price rebounded and was able to break above yesterday