Tight Range of Trade for Majors

Daily Forex Fundamentals | Written by Crown Forex | Nov 11 08 12:50 GMT |

Majors continue to trade in tight ranges as stock markets continue to slide and the focus is on recession and dampened profits outlook for companies. The data released from Europe today had little effect on the markets as it barely changed the flow though they came in with a better beat than what markets had expected. Business in the euro zone and Germany had better comprehension to the economic sentiment, though despite that in Germany they still are not continent with the current situation which reflects the continued deceleration! The euro was trading in tight ranges yet with an upside bias as the pair struck the high at 1.28 levels and seemingly that resistance level continues to strengthen as on intraday basis over four-hour interval the level is close to the 50 MA which is also slightly below the 100 hours MA; the conflicting signals from momentum indicators over several intraday basis reflects still more volatility to be seen today so the euro might continue to decline. Sterling that is suffering from the blues of and economic recession and aggressive and rapid decline in interest rates is affecting the appeal for the royal currency; the pair continues to trade within the short term downside channel that also within the medium downside channel. Over daily and intraday basis sterling still lingers in oversold areas which supports the upside correction for the pair. After the dollar recorded gains against the yen yesterday the pair still declined to end trading below the 38.2% correctional level which provided further downside momentum for the pair, especially after failing to breach the strong 99.50-70 resistance area. Today the pair is trading in tight ranges yet biased to the downside as it continues to trade below 98.30 which is the 100 hours MA conflicting signals are seen from momentum to direction indicators and for that more volatility is to be seen though confirmations are likely to hint for an upside move. Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.