http://forexbl.com Just another WordPress weblog Wed, 22 Feb 2012 12:58:56 +0000 http://backend.userland.com/rss092 en By Ilya Spivak, Currency Strategist for DailyFX.com http://forexbl.com/2012/02/22/sp-500-chart-setup-calls-for-losses-hinting-us-dollar-to-recover/ By Joel Kruger, Technical Strategist for DailyFX.com Greece agreement out of the way but saga still ongoing UK Telegraph highlights some of the risks ahead Yen emerging as the major story amidst Eurozone mess USD/JPY breaks back above 80.00 for first time in 6 months Daily RSI at highest level in over 10 years BOE Minutes ... http://forexbl.com/2012/02/22/yen-continues-to-extend-declines-sterling-pressured-by-dovish-minutes/ The euro zone’s service sector contracted unexpectedly in February, increasing fears of a recession. Euro zone Services Purchasing Managers’ Index (PMI), released by Markit, fell to 49.4 in February from 50.4 in January, below the forecasted level. A reading below 50 indicates a contraction. Euro zone manufacturing PMI rose to 49.0 ... http://forexbl.com/2012/02/22/euro-zone-service-sector-contracted-in-february/ The EUR returned to a level above 1.3230 after confidence was restored in the 17 country currency by the passing of the Greek bailout. Default is still on the horizon as the terms imposed on Greece are harsh and have drawn criticism from economists who warn that the lessons from ... http://forexbl.com/2012/02/22/greece-on-a-diet-for-eur-recovery/ By Daniel James Hayden IV Greece and finance ministers from the other 16 euro zone countries agreed to terms for Greece to receive a 130 billion euro ($172 billion) aid package that they hope will help Greece to avoid a default on its burdensome debt. Although the latest deal between Greece ... http://forexbl.com/2012/02/21/greece-narrowly-avoids-default/ After more than half a year of back-and-forth negotiations, with both sides guilty of brinksmanship bargaining, we learned Monday that a deal had finally been reached to provide Greece with a second emergency bailout. A total of 130 billion euros, or $172 billion, has been promised to Greece with the ... http://forexbl.com/2012/02/21/greece-gets-reprieve-but-default-still-a-possibility/ Long/short rations is an excellent indicator for overall market sentiment. The bar chart below indicates that +58% (updated every 15-mins) of the market is/or has been bearish the EUR and there lies the danger after this early morning Greek deal announcement. The potential risk of a Greek default is subsiding after ... http://forexbl.com/2012/02/21/where-to-now-eur/ EUR/USD: Inability to close below previous key support at 1.3025 leaves the market locked in some multi-day consolidation, with no clear short-term directional bias. At this point, the key levels to watch above and below comes in by 1.3325 and 1.2970 respectively, and a daily close above or below will ... http://forexbl.com/2012/02/21/euro-struggles-to-find-direction-post-greek-agreement-but-supported-on-dips/ By Ilya Spivak, Currency Strategist for DailyFX.com Major Currencies vs. US Dollar (% change) February 13, 2012 – February  17, 2012 Talking Points Euro Selling Likely as Focus Turns to Recession Fears After Greek Accord Japanese Yen May Strengthen Anew as Risk Aversion Makes a Comeback British Pound Looks to BOE Minutes to Gauge Support for ... http://forexbl.com/2012/02/21/us-dollar-yen-recovery-expected-as-global-slowdown-fears-return-%e2%80%93-february-21-2012/ Strategy: Pending Short EURUSD put in a bullish Piercing Line candlestick pattern above support at 1.3055, the 38.2% Fibonacci retracement level, hinting a recovery is ahead. Initial resistance lines up in the 1.3157-1.3220 area, with a break above that exposing the February 9 swing high at 1.3321. We continue to see ... http://forexbl.com/2012/02/20/eurusd-candle-setup-hints-upswing-ahead/