Bulls are Still the Winners...

Daily Forex Fundamentals | Written by Crown Forex | Aug 11 08 06:27 GMT |

After the bull's severe turnover altering the flow of major's movement, the 15 nation currency continued its descending movement reaching as low as 1.4917 levels, yet since the early Asian session the Euro started to recover some of the losses to trade at 1.4993 levels, having some potential to escalate higher against the US dollar according to technical indicators as the pair falls in an extremely oversold area. Yet the Euro's movement will be totally based on Fundamentals, where any new weak data released from the European Union will have an enormous effect on the currencies movement. If the pair continued its downside movement it might be facing a support level at 1.4953 levels, yet if it's going to implement the technical analysis the pair will face 1.5000 levels once again.

The Royal currency couldn't stand firm against the bulls too, as it plunged to record a low of 1.9124, yet since the early Asian session the pound started to recover some of the losses to trade at 1.9180 levels, its almost the same case as the Euro, the gloomy outlook for the economy is having creating all this weakness and the bulls came at the right time to take advantage from the uncertainties increasing in the European lands. As the sterling is now facing a support level at 1.9137 levels as if it closes below it then the pair will continue heading south, but if the bears beat the bulls today the pound will face 1.9213 as a resistance level.

Finally the USD/JPY will be continuing its upside movement, though a slight easing is needed just for the pair to gather up some strength to escalate higher once again, where if the upside movement continued the pair might be facing resistance at 110.49 levels, but if it took some breath to gather some momentum the USD/JPY will face 109.15 levels but the major support falls at 108.80 levels.

Crown Forex

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