Market review for 12.09.2011: Euro drops against the concerns over Greece.

Forex-Metal Daily Market Review and Technical Analysis Send to a Friend |  Visit our website |  Unsubscribe Tue 13  Sep  2011 Daily review for 12.09, 2011 Market review for 12.09.11: Euro drops against the concerns over Greece.   Asian and European trading sessions: Euro: During the Monday's Asian trading session the Euro fell to its lowest level since 2010 against the yen and retreated against the US Dollar on speculation that German Chancellor Angela Merkel prepared to default  Greece. This fact tells about reducing the attractiveness of European assets. As a result, the EUR/USD pair fell to its lows at $1.3494 area. Later on, during the European session amid rumours of approval for the next tranche of financial help for Greece, the Euro raised to the its daily highs at $1.36942 zone. British Pound: The GBP/USD pair dropped to the $1.5798 range but then recovered to $1.5850. Japanese Yen: On Monday, on the background of the falling Asian Stock Markets and tendency of getting rid of risky assets, the investors decided to "escape" into the "safe haven" Yen. The USD/JPY pair dropped to its daily lows of Y76.7550 and traded in this area during the Asian trading session. Then, during European session the Yen recovered and showed its high at Y77.384 zone.   American trading session: Overview: The American trading session was quite volatile because of the absence of any important announcements and news. Initially, the Euro and The British Pound stepped back from their highs against the background of concern about lowering the credit rating of several European banks. In contrast, the discussions about the China's help for Italy supported these currencies to recover against the dollar.   Japanese Yen: Investors continued to accumulate their positions in the Yen. Taking into account the fact that a question of expensive yen was not solved during the G7 summit, the market was surrounded by the rumours that the Bank of Japan may follow the way of the SNB.         technical analysis for 13.09, 2011   EURUSD The pair has declined to Fibonacci retracement 50% and may roll back to 61% at 1.38554. Resistance:  1.37486, 1.38554, 1.39600 Support:  1.35984, 1.34882, 1.33143 GBPUSD The pair has reached support at 1.58543 . Resistance:  1.60322, 1.62050, 1.63316 Support:  1.58543, 1.56722, 1.54842 USDCHF The pair is correcting and may decline to 0.87214. Resistance:  0.88418, 0.89635, 0.91079 Support:  0.87214, 0.85939, 0.84685 USDJPY The pair couldn't break 77.539 and aiming to 76.463. Resistance: 77.539, 78.345, 79.070 Support:  76.463, 75.425, 74.414 AUDUSD The pair's resistance is 1.03535, support 1.02558. If the pair stays above 1.03535 the pair will rise to 1.04407. Resistance:  1.03535, 1.04407, 1.05332 Support:  1.02558, 1.01744, 1.00907   Useful Links Discuss currency news with other traders in FX2Day forum: https://fx2day.net/forum/mvnforum/index Download free demo platform: https://forex-metal.com/home/download Ready to open a real account to start trading? You can do it here: https://forex-metal.com/accounts/new Did you know that you can earn commission simply for referring a friend to us? There are 3 commission options you can choose from. To learn more please visit our Introducing Brokers page: https://forex-metal.com/broker_inquiries/new Watch our new commercial at YouTube: http://www.youtube.com/watch?v=o0fQEydv-3M Open Account |  Economic Calendar |  PIP Value Calculator |  Forex for Beginners   Forex Metal T: 1-866-464-0944 F: 1-800-689-8298 E: info@forex-metal.com You are receiving this e-mail because you have subscribed to free daily FX news via Forex-Metal.com website. If you do not want to receive any e-mail messages from us please send a message to support@forex-metal.com with UNSUBSCRIBE in the subject line. Please do not reply to this newsletter.