Market review for 01.11.2011: Concerns over the interest rate reduction pressures the euro.

Forex-Metal Daily Market Review and Technical Analysis Send to a Friend |  Visit our website |  Unsubscribe Wed, 02 Nov  2011 Daily review for 01.11. 2011 Daily review for 01.11.2011: Concerns over the interest rate reduction pressures the euro.   Asian and European trading sessions: Euro: Speculations regarding the slow-down of the European growth and concerns that the ECB would reduce the interest rate during the next meeting continued to pressure the euro on Tuesday as well. Investors were pressured as well by the discouraging information from Greece. The prime Minister of Greece announced of his intentions to introduce the previous anti-crises measures to a referendum. Other Greek politicians showed negative reaction to this announcement, and the euro dropped.   As a result, the EUR/USD decreased by 200 points, while in the beginning of the day the rate was at the $1.3850 level. US Dollar:  Announcement of the American derivatives broker MF Global, who informed about their bankruptcy, had a negative influence on the investors' trading activity.     British Pound: The pound followed the euro dynamics and the GBP/USD pair decreased from the $1.6100 level to the mark below the $1.5900 level. The release of the positive UK fundamentals (GDP) could not support the sterling. Japanese Yen: The USD/JPY pair traded in the narrow range of Y78.00 - Y78.50.   American trading session: Australian Dollar: Concerns of the situation in Europe pressured the Australian dollar as well. Discouraging reports from China (slow-down of economic growth in China) influenced the negative dynamics of the Australian dollar. The EUR/USD pair closed the day around the $1.3700 mark. The GBP/USD pair decreased to the $1.5950 range.       technical analysis for 02.11, 2011   EURUSD The pair has declined to the Moving Average (500) at 1.35984. Resistance:  1.37486, 1.38554, 1.39600 Support:  1.35984, 1.34882, 1.33143 GBPUSD If the pair stays above the Moving Average (200) at 1.60322 the pair will continue rising to 1.62050 and 1.63316. If the pair stays below 1.60322 the pair will decline to 1.58543. Resistance:  1.60322, 1.62050, 1.63316 Support:  1.58543, 1.56722, 1.54842 USDCHF The pair has reached resistance 0.89635 and rolling back to 0.88418. Resistance:  0.89635, 0.91079, 0.92026 Support:  0.88418, 0.87214, 0.85939 USDJPY The pair has declined to 78.345 and may continue declining to 77.539. Resistance: 78.345, 79.070, 79.707 Support:  77.539, 76.463, 75.425 AUDUSD The pair's resistance is 1.03535, support is 1.02558. 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.