EUR/USD
Next support 1.2550.
Market is bearish, investor concern on the deepening Euro-zone debt crisis, repayment of sovereign debt in coming months, recession, downgrade of country’s credit rating…
Weekly candle: bearish
Daily candle: bearish, three black candle on daily chart.
Early of the week, we expect market to test support level 1.2550 upon a technical rebound.
If market rebound from 1.2550, we expect the technical rebound to reach 1.2850 – maximum 1.2880. Abandon short if market break above 1.2880.
If within this 9-Jan-2012 week there’s announcement / fundamental news that tumble the market, then EUR/USD shall dip further below 1.2550, to reach strong support 1.2300.
GBP/USD
GBP/USD being affected by the Euro zone, economy sluggish, housing slump.
Current resistance 1.5530, strong resistance 1.5630.
GBP/USD attempted to test its strong support level 1.5360, GBP/USD had formed a low at 1.5380 last Friday and rebounded to 1.5430. From 1 hour chart, this technical rebound may still at its early stage and we reckon market to trade up to 1.5480 on Monday and going to test 1.5530 or maximum 1.5630 strong resistance till mid week.
If market unable to break above 1.5630 then we expect the bearish sentiment to continue towards 1.5280 - 1.5300 next strong support.
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