The yen fell for a fourth day versus the dollar, the longest losing streak in more than two months.
The yen fell 0.1 percent to 79.74 at 5 p.m. in New York, after touching 79.89 yesterday, the weakest level seen since Aug. 4. The euro declined less than 0.1 percent to $1.3234 after reaching $1.3293, the highest level since Feb. 9. Europe’s currency rose 0.1 percent 105.54 yen after earlier rising to 106.01 yen, the most since Nov. 14. Sterling was one of the weaker performers versus the US dollar on Tuesday, recording a daily decline of circa 0.40%. GBP/USD is still under pressure, printing at 1.5790 from 1.5844.
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UPCOMING EVENTS
2012-02-22 08:30 | GMT GermanyPurchasing Manager Index Manufacturing (Feb)
2012-02-22 09:00 | GMT EU - Purchasing Manager Index Manufacturing (Feb)
2012-02-22 09:30 | GMT United Kingdom Bank of England Minutes
2012-02-22 10:00 | GMT EU - Industrial New Orders (YoY) (Dec)
FOREX NEWS
2012-02-22 04:59 | GMT USD/JPY above 80.00
2012-02-22 02:31 | GMT China HSBC Manufacturing PMI 49.7 in Feb
2012-02-22 02:02 | GMT New Zealand Credit Card Spending s.a. (YoY) 3.1% in Jan
2012-02-22 00:32 | GMT Australia Wage Price Index (QoQ) 1% in 4Q
EURUSD fell yesterday and formed a low just 12 pips away from our support level 1.3182 confirming our scenario for retesting that level and then continuing an upward move. The euro has been trapped in a sideways direction between 1.3291 (R1) and 1.3182 (S1). If we switch to a higher timeframe (4 hours or daily) we can observe a double top and this is a signal for a trend reversal. The EURUSD whipsawed traders on February, breaking higher, breaking lower, trading sideways and lastly forming a double top giving signs for trend reversal. Our recommendation for today’s trading session is no position until we get a clearer trend direction.
SUMMARY : Down
REND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
GBPUSD made a sharp move downwards from 1.5860 towards 1.5762 level, successfully touching our support level and confirming our recommendations for short positions (+78 pips). Now the price has found a strong support at 1.5762, if it falls below this level we can expect the price to continue its downward move as it is under bearish pressure and it seems to be heading towards our support levels. This bearish pressure can also be confirmed by the moving averages that have turned bearish and the price is using them as a strong resistance. Look out for a correction upwards towards 1.5807 (R1) and then the continuation of the downward move.
SUMMARY: Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
The USDJPY broke above our resistance level 79.87 – yearly high, and has confirmed the upward direction seen since the beginning of February. So the most likely scenario is that the pair will continue its upward move targeting 80.67 (R1) and then a further rise will be limited to 81.47 (R2). Look for long positions in today’s trading session as the pair is in a strong upwards momentum with a stop loss below 79.35 (S1).
Source: FX Central Clearing Ltd, (You are not allowed to view links. Register or Login to view.)
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Daily Forex Market by FXCC 22Feb2012
![[Image: EURUSD.gif]](https://support.fxcc.com/email/technical/22022012/EURUSD.gif)
![[Image: GBPUSD.gif]](https://support.fxcc.com/email/technical/22022012/GBPUSD.gif)
![[Image: USDJPY.gif]](https://support.fxcc.com/email/technical/22022012/USDJPY.gif)
