26 Nov 2007

1. News: Europe will not have many news today to create major upsets in the currency.

US consumner confidence, which will be announced today at ST 2300hrs, will have an impact. This index has been on the decline, which may confirm Fed about the state of the economy.

2. Stock Markets: US did a small recovery, probably due for some profits taking. Europe lead the way, showing a rebound on Friday.

3. Major Currencies: USD in strengthen on Friday.

4. Technicals: From the CCI, a rebound occurred in the center BB line. BB has also thin out. From the daily chart, WMA5 has been sandwiched between EMA21 and EMA55 for a few days. These are all signs of breakout. From the hour chart, WMA5 has swing above and below EMA200. Today is still a day of dispersions.

5. Personal Assessment: Should a breakout north occur, I will place the resistance at 2.0770 and for the other, support at 2.0500.

22 Nov 2007

1. News: BoE has a vote of 7-2 and therefore it seem for the moment that interest rate is not going to be cut.

US will be having Thanksgiving Holiday.

2. Stock Market: The world market plunged, ranging from Asia to Europe to US. All closes anything from 1.33% to 2.5%! Hang Seng has 4.5%!

3. Major Currencies: USD show sign of weakening against all major currencies.

4. Technicals: From the daily chart, the up is gaining momentum, should CCI cleared the second BB line, a high chance of going up. From the 1 hour chart, formation of a double bottom. WMA5 dip below EMA200 and rebounded above EMA200. Now supporting it and after yesterday battle that seem that the buyers has won, lies EMA200 and EMA100. EMA21 failed to go below EMA200 and indicate further a likelihood for going up. Resistance at 2.0700 and support at 2.0520.

4. Personal Assessment: All play now lies at the EUrope market today. GBP has a news on Bussiness Investment, which has been on the rise - a positive effect on GBP, but this is not a strong news. US stock market is close and with yesterday dip, the momentum will contiune. Technically, it will be a matter of when the GBP break up. From the indicators watch out for CCI to bit the second BB line and for EMA21 to rebound off EMA200. The formation of a double bottom from the 1 hour chart has indicated that the battle was won by the buyers.

21 Nov 2007

1. News: There was no mention on interest rate at FOMC. Instead, "The housing collapse and credit crisis will slow economic growth and nudge up unemployment next year, "the Federal Reserve said Tuesday in a first-of-its-kind forecast.

Today ST 1730hrs, BOE issued a generally downbeat assessment of the economy in its quarterly inflation report and effectively indicated that rates would be cut within the next few months. It look to be negative for the UK currency given that there will be a discussion of interest rate cuts and the UK growth risks with the possibility of a very close vote.

2. Stock market: The FTSE gain yesterday by more than 100 points. The rest of Europe also rally. US market took the chance for some profit taking. DOW close 50 points up.

3. Major Currencies: All major currencies except the JPY, did a breakout, strengthening against the GBP.

4. Technicals: From the 1 hour chart, WMA5 managed to punch through EMA200. The testing point will be for GBP to sailed pass the price at 2.0700. A rebound could happen and that gives the support at 2.0520. Another support is at 2.0420.

5. Personal assessment: GBP has not shown any clear direction, but the chances for it to go up is there. CCI has reversed and pierce through the first BB line. EMA21 from the daily chart has passed EMA200 and should it not reverse, given the first support at 2.0520, GBP has again good to go up. BoE will cut rates, but so far only one member consent to it.

20 Nov 2007

1. News: It has been quiet yesterday. Today watch out for US Housing starts - but this figure will continue to fall and will not be much out of expectation. The biggest news to watch for is FOMC at Singapore time Wed 0300hrs. Will Fed cut interest rate?

2. Stock Market: Wall Street resumed its slide Monday as investors absorbed a gloomy outlook for the banking sector as well as bleak news about housing. The major stock market indexes each fell more than 1.5 percent, with the Dow Jones industrial average giving up more than 200 points.

Stock markets overseas also slumped. In European trading, Britain's FTSE 100 closed down 2.71 percent, Germany's DAX index fell 1.32 percent, and France's CAC-40 slid 1.65 percent.

3. Major Currencies: It has been much a side way movement for the dollars against the major currencies.

4. Technicals: Yesterday saw WMA5 (daily chart) attempting to pass EMA100, but failed. The CCI move down with yesterday price, but not into an oversold position. Likewise on the 1 hour chart, EMA5 failed to punch up through EMA55 and EMA100. The question is a matter of time and attempts. 2.0400 still pose a good support line for price to sail to EMA200 on the daily chart. On the contrary, 2.0570 is a good price for resistance.

5. Personal Assessment: The last two time Fed announced interest rate cut, it push the GBP up. (Sep 18 and Nov 1). There has been hints of no cut this time round. 'Further sharp increases in crude oil prices have put renewed upward pressure on inflation and may impose further restraint on economic activity,' 'since the October rate cut, the data suggests the US economy is still 'resilient,' but noted that volatility and strains remain.' Bernanke warns.

A good look out is for WMA to pass support 2.0400 or EMA100 or pass resistance 2.0570 or EMA55. It can go both way with good chance for both. With a quiet day all brewing towards FOMC - play with caution.

19 Nov 2007

1. News: A series of forthcoming 'downbeat' data releases will not necessarily lead to another interest rate cut, Federal Reserve Governor Randall Kroszner has warned financial markets.

There are no major news both from the UK and the US today.

2. Stock Market: In relative to the US, the European market showed weakness on Friday. The FTSE was down by more than 1%. The DOW was down and recovered only in the last hours of trading.

3. Major Currencies:The USD showed no sign of strengthening against the major currencies.

4. Technicals: From the daily chart, CCI did not go into an oversold position. WMA5 rebounded off EMA100 and head straight towards EMA55 and will attempt to clear it. Should it clear it, price will go towards EMA21 at 2.0655. Likewise, the attempt may failed and GBP will go towards EMA200, should WMA5 clear EMA100. The support line is at 2.0400.

5. Personal Assessment: No major news today. The market may consoldiate after last week dip. A uptrend is possible depending how WMA5 perform.

16 Nov 2007

1. News: US CPI inflation met expectations with a rise of 0.3 pct in October from September, as strong inflation will make it harder for the Fed to cut interest rates again. Jobless claims also painted a gloomy picture for the economy. Data showed there were 339,000 new claims for the week ending Nov 10, up 20,000 from the prior week and higher than expectations for a broadly unchanged reading.On the flipside, the New York Fed's manufacturing survey for November suggested business conditions remained firm in October, with the reading dipping to 27.37 from 28.75 in October.

In its quarterly inflation report released yesterday, the Bank of England said it expects tighter credit conditions, lower house price inflation and heightened inflation to dampen consumer spending. After yesterday's dovish Bank of England inflation report, which all but confirmed that two UK interest rate cuts will be forthcoming next year, the weak figures will add to speculation that the first move could come as early as next month.

2. Stock Market: Europe market and US market both down. Admist fear of gas price and oil prices, triggered uncertainity. For this week, both UK and US has been reporting negative news indicating a weakening US and UK economy .

3. Major Currencies: Both CHF and EUR seemed to be moving side way, giving no strong clues in which direction. The JPY showed another round of strengthening process.

4. Technicals: From the daily chart, WMA5 passed EMA21 and will attempt to clear EMA55. In term of price, GBP is now hoveing near 2.0430, around EMA100. Should WMA5 clear EMA55, there will be a good tendency for GBP to reach EMA200 or at 2.0230. On the contrary, from the 1 hour chart, WMA5 may attempt to move up and pass EMA21, at 2.0520

5. Personal Assessment: Being the last day of the week and with few major news, I don't expect any reversal of the GBP to happen today. It will be good to observe how WMA5 from the daily chart perform in the case of a rebound off EMA55. GBP should go down to bring the CCI to an oversold position, and should such a case well supported by EMA5 clearing EMA55, the price could posible reach support at EMA200 or at 2.0230

15 Nov 2007

1. News: The BoE's latest forecasts showed annual inflation would be at 2.00 pct in two years' time, based on market forecasts that interest rates will fall to 5.2 pct by early 2009 and 5.1 pct by the end of 2009.If interest rates stay as they are at 5.75 pct, however, CPI inflation will fall to around 1.75 pct, the report showed. The pound weakened in expectation of an interest rate cut.

In the US, Core prices, which exclude volatile food and energy prices, were unchanged in October. The last time core prices rose more slowly was in March, when they fell 0.1 pct. This push further the pound down.

Tonight, there will be news from the US on Unemployment claims and crude oil inventories. In expectation, Government data released Thursday is forecast to show crude-oil inventories fell last week for the fourth straight period.

2. Stock Market: Europe market did a mini rally yesterday, with the FSTS running up by more than 1%. On the contrary, US market was mainly still yesterday, but ended in red during the last hour of trading.

3. Major Currencies: With exception from GBP, the rest of the major curreny did relatively small movement, forming doji.

4. Technicals: GBP came down to form the C-wave. From the 1 day chart, WMA5 cleared EMA21 and will attempt to clear EMA55. However, bearing in mind that 2.0600 used to be a resistance line for months, before a breakout happened late last month.

5. Personal Assessment: With all the negative news from the UK coming to an end and with major reporting now coming from the US, I will expect some form of consolidation to happen. Yes the formation of the C-wave is there, and indicator from CCI continue to show the potential for GBP to go south till a oversold position. However, 2.0600 and EMA55 (1 day chart) may prove to be a support line. Therefore, watch out for any such formation in CCI or a rebound of WMA5 on EMA55 (1 day) and should there be a need, please abandon short position.

14 Nov 2007

1. News: Yesterday UK CPI reported better results than expected. Also today, The UK interest rate debate will remain very open in the short term and the Bank of England quarterly inflation report will be important for rate expectations.there is likely to be some downside Sterling risk on a cautious outlook for the economy. There is likely to be some downside Sterling risk on a cautious outlook for the economy.

13 Nov 2007

1. News: Manufacturers raised output prices by their highest annual amount in 12 years, as they pushed through the cost of higher crude oil and food prices on to customers. Rate-setters at the Bank of England will be concerned about the sharp rises in both input and output prices ahead of the release of its quarterly inflation report on Wednesday.

Today, The Tuesday UK consumer inflation data will be important in determining the near-term pricing pressures and the degree of flexibility that the bank will have to respond to fears over a slowdown in growth. A low reading for inflation would make it much more likely that the bank would sanction a December interest rate cut to offset the credit crunch.

2. Stock Market: The Dow closes below 13,000. Wall Street ratcheted its way through a fractious session Monday before finally closing lower on expectations of further fallout from the ongoing credit crisis. The Dow Jones industrials, up more than 100 points during the day, ended below 13,000 for the first time since August. On the contracry, European market closes mixed.

3. Major Currencies: All major currencies make a retracement against the dollars yesterday.

4. Technicals: With yesterday, the formation of three black crows was completed. Using a 1 day chart, the GBP hit the EMA55. It touches the 2.0560 - 2.0620 region that for the last 2 months it has been trying to break.

5. Personal Assessment: There are no big news in the US that will affect the GBP greatly today. Of course with yesterday Dow dip, it may follow through the momentum for another day of dip or consolidation, giving the fact that 13,000 is a good support line, which DOW has been trying to break this year.

UK has a CCI annoucement 1730hrs.
The FTSE close at 6337 yesterday,which the FTSE failed to push through resistance at the confluence of the 100 and 200 SMAs at 6,426/35 on Friday, indicating that equities are lacking bullish momentum. Nevertheless, the index stopped short of falling through the 50 percent retracement level of 5,821.7. The reversal took place.

With 3 days of black crows, the expectation will be mixed today.

My expectation is for the GBP to do a consolidation today, bouncing off the EMA55 on the daily chart, forming a B-wave, before the creation of a C-wave towards EMA200 on the daily chart.

I will place a breakout south at 2.0500, with support at 2.0200. Alternatively, the break out north is at 2.0720

9 Nov 2007

1. News: UK interest rate remains at 5.75%. US unemployment rate fall.
Two important news today is on UK and US trade balance. However, the figure release would be more or less as expected. As such, the pressure is for GBP to continue to climb.

2. Stock Market: European market moved sideway yesterday, with US market contiune to take a dip. Stocks extended the previous day's steep losses after Federal Reserve Chairman Ben Bernanke warned that a raft of economic troubles could dent business growth and after Cisco's comments touched off unease about business spending. But buyers moved back in late in the session, apparently thinking the market's selloff had been overdone.

3. Major Currencies: EUR, CHF continune to show strength, with the JPY forming a doji.

4. Technicals: With no reversal in view, GBP seem to be ramping up for another up-wave. A good resistance to hit is at 2.1280. However, on the contrary, CCI(34) showed a overbought case and somewhat and unless CCI pass through the cnetral of the BB, GBP will make a upward trend. Support will be at 2.0960.

5. Personal Assessment: I believe the market will move side and lingers between EMA21 and EMA55 (1 hour chart), after a failure to do so yesterday, before a rebound north. There are no signs of UK intend to weaken the pound nor there is sign of US economy recovery. The northward bound will be abandon should GBP sailed pass 2.0960 and CCI(34) from 1 day chart go below the BB central line.

25 Oct 2007

1. News: US reported a falling housing sales numbers and the ripple effect will be that the housing credit woes are not over yet and now people are feeling the actual effect.

Today, two major news, the unemployment claims at SGT 2030 and New Home sales at SGT2200. These news will be watch to signify the health of the economy.

2. Stock Market: Bank of America has announced to cut 3000 jobs. the Dow dip a little yesterday but in general, movement in the stock market is calm. Euorpean market too move sideway, end slightly in the red.

3. Major Currencies: EUR move sideway yesterday, a sign of consolidation after days of strengthening against the dollar. CHF and JPYlooked as it would be weaken against the dollars.

4. Technicals: With the 1 hour chart, GBP was well supported by EMA200. Attempts to clear through 2.0440 failed. Movement has been side way for the day, after 2 days of big swing down and up. On the 1 day chart, CCI showed that GBP would continue to strengthen till it achieved an overbought position. Resistance seemed to be set at 2.0500, where a big punch through would render 2.0500 becoming a good support line. A clear break north is set at 2.0640

5. Personal Assessment: The European government has been weary of the strong EUR, but is there a way to put it to a stop? US economy continue to show sign of weakness, and further coupled with next week Fed interest annoucement with a potential to cut rates will sent the dollars to a new low. Decisions to buy is difficult as you may be catch in a overbought position. Market has clearly consolidated yesterday and a breakout is emminent. I will wait for a clear signal, with north after a firm 2.0525 and south after a firm 2.0340. Attempts will be for WMA5 (using the 1 hour chart) to clear EMA200 at 2.0440. Therefore, it will either clear it and go south or rebound to go north.

24 Oct 2007

1. News: US will be announcing Home Sales at 2200hrs. The result, should it fall out of expectation will send the dollars weaken.

2. Stock Mkt: US Market did a profit taking yesterday with DOW gaining 100 points after losing more than 300 points last week. Results of good earning helped push the market up.

3. Currency: Dollars weaken on overll with all major currency. Signs of further weakening is there.

4. Technicals: GBP zoom passed 2.0500 and sailed pass EMA200 on the 1 hour chart, clearing with ease 2.0420. As such, that formed a good support line, with much potential for GBP to hit a new high of 2.0600

5. Personal View: US economy has showed signs of weakness and with no UK news to counter, the dollars is expected to weaken against the GBP. Of course, 2.0420 give the support. CCI from 1 day chart showed a contiune movement up to bring GBP to a overbought position. The high is set at 2.0765. Of course and naturally 2.0650 (all time high) give the resistance.

17 Oct 2007

1. News: UK CPI, one of the key economic indicator for inflation fell below expectation to 1.5%. The move suggest a impending inflation and strongly urge BoE to cut interest rate like its Fed counterpart. This CPI has been below the BoE's 2.0 pct target rate for three months running and has weighed on sterling since it raises expectations that UK interest rates could be cut before the end of this year.

Also yesterday, Federal Reserve Chairman Ben Bernanke said the slumping housing market remains a "significant drag" on the economy. Oil hit another high at $88, with the potential to erode away any weak dollars advantage the US economy enjoy in export. All showing more oreintation to a weaker economy.

BoE will meet to discuss interest rate today at 1630.
Also at 2030, US housing starts. A low level of housing activity signals that the construction industry isgoing down and that consumers have less the capital to make large investments.

2. Stock market is down for both Europe and US, mainly due to the news.

3. GBP fell against all major currencies yesterday.

4. Technically, the GBP look for another day of fall to the support line at 2.0270 and 2.0200. Again, the attempt togo above 2.04500 failed and that offer and suggested the super resistance line.

5. My personal view:
Key figures released yesterday has pushed the GBP down, technically, the GBP has moved side way and it is now looking for a clear trend. Most likely, BoE will reduce interest rate next month. With most EUR and GBP make high against the dollars, the intention to weaken the currencies is there. EUR hit high, but failed to clear 1.430.

On the US side, all words about the economy is that there will be pending recession, the dollars has weakened and that helped to cushion US export.

Technically, CCI showed down and has been side way. A good formation to wait is for CCI to either clear BB mean line or to go below -150 to get into a oversold condition.

I will favour a sell today, with support at EMA55 on the daily chart. Attempt to break it is good before EMA100. It's time for GBP to make some clear trend.

12 Oct 2007

1. US Jobless claim fell and is better than expected. Trade Balance is better than expected too. As such, it justified the economy sentiments that the credit woes did not and was not due to the fundamental. This would give an indication that the economy is not hitting a recession.

With no major UK news today and with Fed speaking today (ST) at 2110, after US PPI announcement, the trend of a stronger dollars will continue. Fed is expected to cut rate, but who knows what will Ben say tonight, given indication of a "still" robust economy.

2. Europe market did a "mini" rally yesterday, with FTSE gaining almost a 100 points. US market on the contrary did some profit taking.

Note: Accordingly, a bullish rally in the market has a reverse effect on the country currency. Though not always true, people will sell away the currency to borrow cheaper currency and buy stocks.

3. Major currency ended mix. With Euro up, GBP down, CHF Up and JPY down against the US dollars.

4. Using the daily chart, no rebound and that signifies that GBP will contiune to move south. EMA21 will be the first hurdle WMA5 will cross and if it does so, a good support line will be at EMA55 or 2.0250. Of course, the resistance line is still strongly entrench at 2.0450./2.0500

Using the 1 hour chart, EMA21 has managed to cross EMA200. A good indication of a further movement south is when EMA100 cross EMA200.Should this not occur, EMA200 or 2.0380 make a immediate resistance line and 2.0400 will indicate a breakout towards 2.0450/2.0500.

11 Oct 2007

1. There were already hints and rumors that Fed is again going to cut rate. Bernanke will speak this Friday.

The European govts have met, talking about the strength in Euro against the dollars - a sign of weakening it.

Today at Singapore time 2230hrs, US is going to announce Trade Balance and Unemployment Claims.

2. The US market has been rallying with yesterday, taking some profits. It points in general a good indication of a strong fundamental in the US economics, despite the credit woes that has attract too much media attention.

In addition, the Euro market close mix, with FSTE up 17 points.

3. Major currency climb high against the dollar yesterday, however, the strength was short live by the time the US market opens.

4. GBP break the 2.0450 resistance yesterday and threathen 2.0500. It tested 2.0500, but make a reverse during US market.

Using the daily chart, CCI indicator is mixed, a sign of GBP moving in a unsure direction. It seem to be making up towards the BB(14, 0.3) mark. A sure sign of rebound is when it clear the BB median line.

Using the 1 hour chart, a strong support line is build up at 2.0380. Should WMA5 and EMA21 clear pass that support, which is make up of both EMA100 and EMA200, a good breakout south will occur. However, GBP may rebound at the support line and try again to pass 2.0500.

9 Oct 2007

1. Last night at 2230hrs, Euro govt gathered to discuss about the strength of the Euro against the dollar.

LONDON (Thomson Financial) - The euro softened, particularly against the dollar, as euro area finance ministers meet to discuss, among other topics, how to contain the strength of their common currency.In the run-up to the Ecofin meeting, held today and tomorrow, politicians have been vocal about the need to do something about the strength of the euro. Together, they will be drafting a policy stance to bring to the G7 meeting later this month, in an effort to make other currencies -- the US dollar, most notably -- to appreciate.

Also, GBP PPI continue to weaken.

As a result, yesterday the GBP came down from above 2.0420 to 2.0350.

Today at 1630hrs, theres is a news on GBP trade balance and Euro Central Bank chief Trichet will be speaking. At 2230, The Chancellor of the Exchequer will present the annual Pre-Budget Report and the outcome of the Comprehensive Spending Review to the House of Commons. The report contains important insights such as spending levels, borrowing estimates, and GDP growth forecasts for the following year.

2. Overall, Europe market did a dip. US market close with little movement from Friday rally.

3. Against the dollars, EUR and CHF has reverse and weaken against the dollar. The Yen continue its weakening process but seem to slow down.

4. On the technical, from the daily chart, the GBP has reverse. The momentum should contiune and a good support line is at 2.0240, the EMA55 line. Upward movement is possible, but a strong resistance is felt at 2.0450, considering the GBP trying but fail to breakout of this line for the last 5 days.
On the 1 hour chat, clearly the EMA21 has cross the EMA200 and should move south. A good gauge will be at 2.0330 to observe whether a U-turn will occur, else it will be making today low.

8 Oct 2007

1. The Labor Department's report that employers added 110,000 jobs in September -- essentially what analysts had expected -- reassured Wall Street that the job market wasn't pulling back sharply as was feared a month ago (from yahoo). But on the contrary, GBP pull higher amidst the stock market rebound.

To me, this raise give false sense of the actual US economy. If the economy is truely performing, dollars will strengthen against the GBP. But not so. Therefore either GBP will fall or if really true, the US economy will show sign of weakening.

US holiday today and all news is from Europe.

Today, News of UK PPI at 1630hrs. The Producer Price Index (PPI) Input measures the rate of inflation (i.e., the rate of price changes) experienced by manufacturers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. When manufactures pay more for goods and services, they are likely to pass the higher costs to the consumer, so PPI is thought to be a leading indicator of consumer inflation. PPI is highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart.

2. US marker rallied on Friday. It will be a questioned for the Eupore market to have a rally.

3. Against the major currencies, the dollars show signs of weakening.

4. Using the 1 hour chart, support is at EMA200 or 2.0390. This is a good support and rebound for GBP. Aleternatively, a breakout north for GBP is at 2.0450. A breakout south is at 2.0340.

4 Oct 2007

News:
The Bank of England has announced that the interest rate has remain the same. Unlike the Fed that cut the rate, in order to ease the housing mortage woes, UK did not do so. And anyway, the attention to the credit market and the problem with Northern Rock has pass media attention.

Sterling would still be likely to weaken sharply if rates are cut as futures markets have certainly not priced this in. With the Bank of England did not do so, GBP jump up after the announcement of rate remaining at 5.75% by a 50 pips, then to another 50 pips.

US is announcing unemployment claims - but not likely to influence the movement of the GBP.

Therefore, with all things remain unchange, GBP with yesterday influence will contiune to inch up.


Stock Market:
The Europe stock market performed moderately with mix emotions. US made a slight inch up. Overall, thee showed no good indication which direction GBP is heading today.

Currency Bench mark:
Most of the makor currency has strengthen against the USD today, after the last fews days of weakening. The direction against USD may contiune.

Technical:
The 1 hour chart show sign of a continue strength for GBP to go up, with stron support from EMA100 and EMA200. Should EMA21 clear EMA55 and EMA100, the direction is sure.

However, the mix comes from the daily chart, Yes there is a rebound from yesterday, and the question is how high?

The first resistance line is 2.0430 (yesterday peak) and 2.0500 (Monday peak), with 2.0650 as the whole year peak.

Support is at 2.0355 (1hour EMA200) and a breakout south is at 2.0290 (after yesterday low, for the downward trend to contiune).

3 Oct 2007

There are not many major news in the European market that will move the GBP. So it will be a quiet afternoon. The US is announcing Non farm employment and Non manufacturing index. To know more goto www.forexfactory.com

The overall effect on GBP is not a sure one, but should the results show a worst off, GBP will go upwards.

The DOW is taking profit yesterday after Monday rally. Bad news was reported affecting sales and consumer confidence. Should the European market rally today, which it has not been so, despite both the Asian and US market being so, then GBP will move upwards.

The major currency has reverse against the USD. Will the trend contiune down?

Technically, CCI on a daily chart show a downward trend. Within the 1 hour chart, WMA5 is sandwich between EMA55 and EMA200. The movement is not a sure one.

Support is at 2.0350 and resistance at 2.0450

2 Oct 2007

There are no major news today. As such, the movement may not be wild today.

DOW clear 14,000 and a good rally in yesterday Wall street. Like wise, the European market did fairly with FTSE gaining a 0.6%.

Fundamental, with no major news to trigger movement, It is not expected to have any big rally again in either the Europe or the US market. People these days has become more cautious and take profit first.

Technically, the indication showed a higher probability of a downward movement. Using a 1 hour chart, WMA5 will move side way between EMA21/55 and EMA100. Unless, the intention is to catch any u and down movement, a breakout will be at 2.0330 and 2.0500.