Market review for 03.10.2011: : The default of Greece is a major concern.

Forex-Metal Daily Market Review and Technical Analysis Send to a Friend |  Visit our website |  Unsubscribe Tue, 04 Oct  2011 Daily review for 03.10, 2011 Market review for 03.10.2011: The default of Greece is a major concern.   Asian and European trading sessions: Euro: Against the background of the dropped Asian stock markets, the euro demonstrated decrease as well.  The uncertainty around the decision regarding the European stability fund continued to pressure the euro on Monday.  Some of the European countries do not support the idea of the EFSF expansion, in particular, the Slovakian government is experiencing the split with this issue. According to the expectations, the ECB would not increase the interest rates during the next meeting. The released Euro-zone fundamentals did not render any support to the euro on Monday (even though the Euro-zone PMI indices turned out to be above expectations). US Dollar: As a safe-heaven currency, the American dollar strengthened today. Canadian Dollar: Canadian dollar decreased against the major currencies, as concerns over the world economic recession reinforced. Possibility for the commodities' prices drop grew, which pressured the Canadian dollar as well.  Oil: Due to the possible default in Greece, oil prices dropped to their 8-week low today.   American trading session: By the end of the trading day the EUR/USD dropped as low as the $1.3170 range. The threat of the Greek default became very real on Monday after the statement of the government of Greece regarding their inability to reduce expenses according to their agreement with foreign borrowers.  As a result,  investors started to get rid of the European assets. The GBP/USD pair decreased as well and reached minimums at the $1.5450 range. The USD/JPY pair dropped to the Y76.50 mark, as Japanese yen strengthened as a safe-heaven currency.        technical analysis for 04.10, 2011   EURUSD The pair is trading near Fibonacci retracement 38% at 1.31186. This is a support level for the pair. MACD shows divergence signal and the pair may start corrections in a while. Resistance:  1.33143, 1.34882, 1.35984 Support:  1.31674, 1.30277, 1.28630 GBPUSD The pair may try to test Fibonacci retracement 23% at 1.53482 if stays below 1.54842. Resistance:  1.54842, 1.56722, 1.58543 Support:  1.53482, 1.52063, 1.50594 USDCHF The MACD shows divergence signal and the pair may start corrections if stays below 0.92026. The pair may decline to 0.91079. Resistance:  0.92026, 0.93069, 0.93949 Support:  0.91079, 0.88418, 0.87214 USDJPY If the pair stays below 76.463 the pair will decline to 75.425. If the pair stays above 76.463 the pair will rise to 77.539.   Resistance: 77.539, 78.345, 79.070 Support:  76.463, 75.425, 74.414 AUDUSD The pair has found temporary support at 0.94635 and trying to recover to 0.95611 and 0.96579. Resistance:  0.95611, 0.96579, 0.97423 Support:  0.94635, 0.93493, 0.92284 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.