EU Session Bullet Report | China GDP Misses forecast, but markets stay stable

Rising stocks overnight, caused a rise in commodity currencies, AUD and NZD which rose against the USD respectively while USDJPY recovered to 117.83 from 116.90 yesterday. Interesting session ahead for the EURUSD, as German final CPI figures for the month of December are due, followed by EMU/German ZEW Survey and EMU’s inflation figures.

Biggest loser was once again the GBPUSD which is continuing its slide to an almost 7 year low.

Following a rather quiet start to the week traders should focus on GBPUSD today as UK releases inflation data. Also, BoE governor Mark Carney speaks today which may attract a lot of attention in a day that could be a further catalyst for the UK Currency.

Trading quote of the day: Amateurs want to be right. Professionals want to make money. Alan Greenspan

Green lines are resistance, Red lines are support.

EUR/USD

Pivot: 1.091

Likely scenario: short positions below 1.091 with targets @ 1.087 & 1.0835 in extension.

Alternative scenario: above 1.091 look for further upside with 1.0945 & 1.0985 as targets.

Comment: as long as the resistance at 1.091 is not surpassed, the risk of the break below 1.087 remains high.

GBP/USD

Pivot: 1.432

Likely scenario: short positions below 1.432 with targets @ 1.4225 & 1.4185 in extension.

Alternative scenario: above 1.432 look for further upside with 1.436 & 1.44 as targets.

Comment: a break below 1.4225 would trigger a drop towards 1.418

AUD/USD

Pivot: 0.6915

Likely scenario: short positions below 0.6915 with targets @ 0.685 & 0.6825 in extension.

Alternative scenario: above 0.6915 look for further upside with 0.696 & 0.7 as targets.

Comment: the RSI lacks upward momentum.

USD/JPY

Pivot: 117.2

Likely scenario: long positions above 117.2 with targets @ 117.95 & 118.35 in extension.

Alternative scenario: below 117.2 look for further downside with 116.85 & 116.5 as targets.

Comment: technically the RSI is above its neutrality area at 50.

USD/CAD

Pivot: 1.4595

Likely scenario: short positions below 1.4595 with targets @ 1.442 & 1.433 in extension.

Alternative scenario: above 1.4595 look for further upside with 1.4645 & 1.47 as targets.

Comment: the RSI is badly directed.

GOLD

Pivot: 1085

Likely scenario: long positions above 1085 with targets @ 1097 & 1106 in extension.

Alternative scenario: below 1085 look for further downside with 1080 & 1076 as targets.

Comment: the RSI is mixed with a bullish bias.

OIL

Pivot: 30

Likely scenario: short positions below 30 with targets @ 28.35 & 28 in extension.

Alternative scenario: above 30 look for further upside with 30.75 & 31.6 as targets.

Comment: as long as 30 is resistance, look for choppy price action with a bearish bias.

DAX

Pivot: 9720

Likely scenario: short positions below 9720 with targets @ 9410 & 9255 in extension.

Alternative scenario: above 9720 look for further upside with 9945 & 10165 as targets.

Comment: the RSI lacks upward momentum.

Important note: These technical and research reports are provided to easy-forex® as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easy-forex® to you to engage in any trade. Hence, easy-forex® shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easy-forex®. If you do not agree to this, you are strongly advised not to use these reports.