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Last Friday, we saw EUR/GBP testing a long term trend line resistance that dated back to the highs of December 2008 (click here to see). The pair has since moved lower after being rejected from the trend line and looks to have found a near term pivot in the area of its 23.6% Fibonacci level (of the rally from January lows to March highs). This retracement area also comes in roughly around where the highs of December 2010 and January 2011 are and can be seen on the chart below in yellow highlight. While this pivot remains the key technical level to the downside, it can also be seen that the daily RSI indicator has broken a rising support line which suggests potential weakness in the price action of the pair. Moreover, the long term falling resistance line converges with a medium term upwards parallel channel resistance as an added level of resistance. While the pair remains under the trend line resistance levels which it faces, we favor a bearish bias but would note that a

EUR/USD Forms Head and Shoulder with 1.4140 Neckline Short-term Following up with yesterday's updates, the EUR/USD indeed is declining further after the bearish divergence.The market has reached the important 1.4140-1.4150 support. The market developed a head and shoulder and the 1.4140 level is the neckline. If we break it we might extend the current towards 1.4050-1.4060 level. The 4H chart also shows the head and shoulder and the 50% retracement target in the 1.4050-1.4060 zone. Other clues for the bearish outlook in the short-term is the bearish divergence, although it has already been resolved. Still, the RSI continues to decline and a failure to cross its 3-period moving average suggests bearish continuation. Candlestick action also reflects bearish continuation as the bears look more dominant since the market reached 1.4250. The current decline should not break below 1.40 area as wave 4 should not overlap wave 1. If it does, the bullish scenario is put

Dollar-Swiss fell during the day as expected and is keeping our bearish sentiment intact. Although it has bounced back from the day's low of 0.8978 it is not showing much upside momentum. Also it has very strong immediate Resistance in 0.9930-40 region, a break above which is not looking likely now. We expect the pair to dip further towards 0.8950-00 in the coming sessions. However, a strong break above 0.9340 might take it up towards 0.9070-9100.

Technical Analysis Daily: USD/JPY USD/JPY 80.95 USD/JPY Open 81.03 High 81.28 Low 80.80 Close 80.93 On Tuesday Dollar/Yen decreased insignificantly with less than 50 pips, not exactly matching the very negative Interbank sentiment at bellow -76%. The currency couple depreciated from 81.28 to 80.83 yesterday, closing the day at 80.93. This morning the Dollar weakened slightly further down to 80.80 against the Yen. On the 1 hour chart the downward trading has moved into a range, while on the 3 hour chart wide range trading has also formed. Break above yesterday's top and nearest resistance 81.28 would encourage further recovery of the Dollar. Immediate support is today's bottom at 80.80, and consistent break bellow it could strengthen the Yen further down towards next target 79.86. Today is Japan Trade balance at 23:50 GMT. Quotes are moving in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is thinly n

GBP/USD Slides to Test Key Pivot at 1.6170; 1.60 is Next Short-term The GBP/USD indeed completed what was wave 3, and should be on wave 4 now. Corrective waves are anticipated as 3-wave patterns, but the current decline with such a strong decline right now, could be still part of the first corrective wave, after which we can expect an upswing and another corrective wave down. It is still a little early to say. This anticipation is only preferred because of the sharp decline in the European session. If the market is brought back up above 1.6350 in the US session, then we likely have bullish continuation to 1.6450-1.65 to finish wave 5. However, if the market declines below 1.6170, the bullish wave count is invalid, and we have to consider a significant decline back towards the 1.60-1.5980 lows of the recent range.

AUDUSD: Risk Still Remains Higher AUDUSD: Outlook for AUDUSD to strengthen further remains intact for a run at the 1.0155/1.0201 levels. If this occurs, price extension should follow towards its 2010 high at 1.0253 and possibly higher towards the 1.0300 and 1.0400 levels. Its daily stochastic has turned higher supporting this view. Alternatively, the risk to our analysis will be a break and hold below the 0.9702 level, its Mar 16'2011 low. This will trigger further declines towards the 0.9672 level, its daily 200 ema and next the 0.9536 level, its Dec 01'2010 low. All in all, the pair continues to look for a return above its major resistance at the 1.0253 level.

Currency Markets Await Portugal Vote Currency Markets Await Portugal Vote Price action for the EUR/USD is currently trading within a tight 17 pip range over the past hour. Key intra-day support remains at the 1.4100 level for the currency pair. If the budget does not get the necessary votes and Portugal's Prime Minister Jose Socrates resigns, further weakness could target the 1.4053 level. If we see a continuation in bearishness, dynamic support from the February 14th, 2011 trend line will reside at the 1.3950 region and the 38.2% retracement of the February 14th low to March 22nd high move. If the markets are surprised with positive news out of Portugal and the euro experiences a bullish rally, potential targets include a retest of the 1.4247 level with further upside at 1.4338.

Afternoon Forex Overview Afternoon Forex Overview Previous session overview European Central Bank President Jean-Claude Trichet signaled the ECB is likely to increase interest rates as soon as next month, saying he has "nothing to add" from the ECB's policy statement March 3, when the central bank warned that "strong vigilance" was needed on inflation. Economists interpreted the "strong vigilance" language, and Trichet's subsequent comment, that a rate increase was "possible" at the ECB's April 7 meeting, as an indication that a rise in its main policy rate was likely unless something altered the officials' views. Other ECB officials echoed Trichet's remarks Monday, suggesting the ECB will likely increase rates for the first time since July 2008 amid signs that inflation will accelerate further. The U.S. dollar strengthened modestly against the yen, but weakened against

  The outbreak of fires in 206 locations after the earthquake in Japan   Agency announced the Fire Department and the fight against the Japanese disaster, the number of fires that have erupted since the earthquake yesterday was 206 fires.

  Explosion and a second one of the reactors check Fukushima, Japan According to the Associated Press of America to a Japanese government spokesman said that there was an explosion in part on the verge of happening in the second reactor of the Fukushima station reactors.

  Professor of Turkish Politics: World powers fear the success of the Egyptian revolution Ahmad and Wissal occur, a professor of political sociology at the University of Gazi Osman, Turkey, about the reactions of world powers on January 25 Revolution, which forced President Mubarak to step down from power after 30 years holding the country with an iron fist.

  Iranian university professor warns of segregation in universities Ibrahim Fayyad warned a member of the Scientific University of Tehran, from the application of gender segregation in educational institutions in Iran would turn the educational centers for Walker, the homosexual agenda, and will rise in homosexuality.

  German Foreign Minister expresses his condolences to the victims of Japan Guido expressed Vtosrovily, German Foreign Minister, expressed condolences and shared the victims of natural disaster in Japan, where he said "We are offering to do everything in our power to provide support to overcome the consequences of this disaster."

  Japan on the threshold of living the worst crisis in its history Said Naoto Kan, Japanese Prime Minister, said that his country on the threshold of the worst crisis of life experienced by his country since the horrors and disasters of World War II, and that following the devastation which swept Japan after the devastating earthquake and tsunami, which caused casualties and material losses, and put Japan in front of a nuclear crisis seriously .

  "Israel is Arabic," call for normalization with the Israeli Arabs . Established by the Israeli Foreign Ministry Gruppa on facebook under the name "Israel's Arabic-speaking" in order to define all the Arab countries for Israel in all areas of policy and economy, art and culture.

  Aboud Al: I study my candidacy for the presidency He Abboud Elzimralamatql since 2001, after the expiration of his prison in the killing of President Sadat in 1981, Gateway delegation in his first statement after his release from his cell with a Tora prison, he was glad the decision to release him, particularly that Habib El Adly and his entourage are imprisoned his place in prison farm Tora and out of the door of scavengers, "he said." He pointed to his happiness selecting a former President Mohamed Hosni Mubarak in Sharm el-Sheikh with his wife and his two sons, Gamal and Alaa, said: "who contributed to the feeling of happiness is also news to freeze the assets and funds of the former president and his family

  Bishop Isaiah Bishop of Tahta and supervisor confirms the appearance of the Virgin in Sohag Governorate أ Said Bishop Isaiah Bishop Tahta and supervisor in Sohag Governorate that the Virgin appeared city supervisor on Saturday evening, and received the people's impressions amid joy, and hymns and the joy of the people of the village Bottiyav Virgin and swarms bathroom and saw a thousand of the population of civil rights. The bishop said that the people of Naga Abu night and the village of Nazlat center supervisor had saw the appearance of luminosity spectra and white bath on Saturday night on the roof of the church. He noted that people greeted Bishop Alnoarnet spectra over the Church of St. George the Great Martyr Naga Abulelh center supervisor

  Tomorrow ..   Verdict in the case of a child rapist Farshout and the withdrawal of Defense . Criminal Court issued Qana tomorrow, Monday, headed by Judge Ahmed Omran ruling in the case, accused of raping a child Farshout George Baromy. The court had extended to the verdict at the last meeting was not possible to deport the defendant from custody of a Cairo prison

  Salafis: infanticide strife to build a church Atfih ..   Hassan issued a statement of reconciliation of Atfih Intervention groups and the elders of Salafists strongly to persuade young Muslims, objector to rebuild and beautify the church was vandalized following the sectarian clashes in the village of Atfih, allow the construction of the church again, meanwhile, announced the Egyptian army that began today to remove waste around the church in preparation for return to their previous state. Has demanded " Salafist call "Muslims and Christians in Egypt primacy of public interest of the country, appealing to young Muslims not to oppose the army to build a church Atfih, under an initiative aimed at resolving the sectarian strife Atfih resolve the crisis

  A delegation of youth «access» plans to travel to Maspero to inform the protesters on the situation in the village   Detection of the Christian people of the village «access» Atfih governorate of Helwan unveiled an initiative intended to carry out during the coming hours, include the formation of youth delegation from the village to go to the protesters in front of the television and radio in Maspero to inform them of the reality of the situation in the village. He said a youth of the village - in a statement to the Middle East News Agency, Sunday, The delegation, which includes Muslims and Christians would not seek to persuade the protesters broke up their sit-in, but will explain the situation to them and reveal the facts because many of the protestors had heard about the events of the village and the media

  Army begins construction of a church access   The armed forces announced that they will start from Sunday to rebuild the village church access Botfaih governorate of Helwan The Brigade Staff Adel al-Qurashi a senior armed forces, during a rally at a rally in the village in which a number of the clergy, said in a statement carried by the channel the first Egyptian television tonight that, at the tolerance shown by the youth of the village to rebuild the church, the Council Top of the armed forces is estimated that the position of youth and decides to build a church at the expense of the armed forces and carried out

  Disengagement sit in front of the Copts «Maspero» after meeting «sentences» and promises of the Council of Ministers to resolve their problems Advertise Coptic youth for the resolution of his retreat in front of the radio and television Pmaspiro, after meeting representatives of their own, on Sunday afternoon, with Dr. Yahya Jamal, Vice-Chairman of the Council of Ministers, and resulted in response to the Cabinet for most of the demands of the protestors and to study the rest of the requests., "Said Rami Kamel, one of the young people who attended the meeting, said Dr. Yahya sentences and promised to build Diocese bell and the infection quickly, and begin to build a church of the Virgin Mary and Saint conclusion Bazbp palm trees, and open all the churches closed for security reasons

  Copts continue to sit Pmaspiro despite the start of construction of a church Atfih   Continue the preparation of the Copts sit for the ninth day in a row despite the decision of the Supreme Council of the armed forces to rebuild the Church of martyrs in the village of arrival at the center of Atfih Helwan Governorate with effect from Sunday. The protesters Copts Sunday Mass in a place sit and then continued singing Christian songs and some songs the Church, which rises voice through the speakers and through the internal radio, which they built in front of the television and radio Pmaspiro. The number of young Christians and Muslims from the village people

  And continued calls for cutting the parties agitators ..   And stresses: January Uprising was built on the foundations of Islamic Called Dr. Nasr Farid Wasel, the Mufti of the Republic of the former, to the activation of Article II of the Constitution and the application of the legal boundaries as contained in the Sharia, as the revolution of January 25 «built on the foundations of Islamic and to approach the Messenger of Allah», warning that the deviation of the police was the result of not activating this article. He continued in his speech at the First Conference of the Association legitimacy in Giza Governorate, under the title «call for a return to stability and security in the Egyptian street,» that the lack of activation of the second article of the Constitution

  Sheikh Al-Azhar assured the health of Pope Shenouda III   Held a Grand Imam Dr. Ahmed Al-Tayeb Al-Azhar Al-Sharif telephoned Sunday Pope Shenouda III, Pope of Alexandria and Patriarch of Saint Mark Episcopate, to check on his health after conducting some tests, Medical Hospital, Cleveland Clinic, Ohio. The Grand Imam wished the Pope a speedy recovery and return the safety of God Mu `safe and expressed the hope that by the grace of God blessed with health and wellness as a symbol of patriotism. The Grand Imam said, the spirit of cooperation and fraternity among the Egyptians

  Wissa, the delegation: accelerating the election carries the risk of government control of the Brotherhood Brotherhood tried to jump on the revolution and give it a religious character regimes religious proved unsuccessful and the directory "Iran" and "Hamas" Article II follows the laws biased in favor of one class of citizens, the Christian trap installs the religious system was trying to control the young Christians through the church Copts seeking for democratic governance in Egypt  Brotherhood tried to jump on the revolution and give it a religious character of religious regimes have proved unsuccessful and the directory "Iran" and "Hamas" Article II follows the laws of the biased to one group of citizens slitting

  Sacher: results of a demonstration of the Revolution, responded to the temptation of trying to make Thousands of people demonstrated in Cairo and the provinces, calling for national unity, and non-sectarian, and accused the former regime elements to ignite the fire of intolerance, and bloodshed among the Egyptians, to thwart the revolution, according to a newspaper, "The Egyptian Today", in Addhaa issued on Saturday, has vowed the military junta to begin build a church in the village of martyrs access, Botfaih Commenting on the news said Coptic thinker, "Kamal Zakher," that these demonstrations, the results of a revolution, January 25, and in response to anyone who tries to make a division between the Egyptians, and that the demonstrations are welcome from all quarters, there is nothing shameful

  Pope Shenouda requests from the armed forces re-7 to open churches closed The Ramses Najjar lawyer as an agent for Pope Shenouda III at the request of the Supreme Council of the armed forces to re-opening of churches closed in several provinces. Najjar said that the basis of the reopening and renovation of churches issued security decisions close it or abstain from a decision to re-restored on the basis of a security has no legal justification, he said, adding that he had made ​​that request in the belief that the Supreme Council of the armed forces came for the people and their rights without discrimination. Najjar added that the request of the churches are the seven churches of the Church of St. Mark and the Church of the Virgin and Saint Bishoy and the Church of St.

  Mass demonstrations of the Copts in Minya to build Diocese bell Came out on Sunday afternoon after the end of the prayers of Sunday Mass tens of thousands of Copts in Minya Governorate in massive demonstrations and slogans sponsors several demands of the military came in the forefront of responding to acts of bullying by a gang of criminal acts against the Copts in the village of Albderman and allow rebuilding Diocese bell that stopped the construction of the governor of Minya and the dismissal of each of the Governors of Helwan and Minya. was more than forty thousand people from the villages of Deir Abu Henes and Deir al-Barsha and Al Barsha, located east of the Nile status Mallawi solidarity with the village of albedo and the Monastery of Archangel West Nile had organized a march and mass demonstrations roamed the Showa

  Artist "Smile": There are Muslim girls in the village "Atfih" wrote letters to the Virgin and leave the church Said the artist "Smile" - through the "last words" submitted via satellite "Online TV" - it was part of a delegation that went to the center "Atfih", which included clergy, military and public figures, politicians and young people from a coalition youth revolution and independent figures. Pointing out that through her ​​conversations with villagers, I discovered the story of the church that are somewhat different from before in the media, and the general belief that the church was exercised within or hypocrisy in that it caused a lot of divorce cases in the village. Confirmed that one of the girls I sat with a delegation of Muslim girls in the village

  Mufti: Solving the sectarian strife is the achievement of citizenship between the Egyptians Stressed the Mufti of the Republic Dr. Ali Gomaa, the solution and effective treatment for the problem of sectarianism chronic lies in activating the meaning of citizenship, and settled between the citizens in rights and duties before the law and work to eradicate sedition from the root, especially as we embark on a new era, adding that the Egyptians are tired of the abuse of painkillers to recover from the disease.

  Prime Minister meet a delegation from the church to discuss the recent events   Met on Sunday evening, Dr. Essam Sharaf, chairman of the caretaker government, a delegation from the Egyptian Church at the Presidency of the Council of Ministers. The meeting aims to support the government in defusing the conflict between Muslims and Copts in the delicate phase that is passing by Egypt, also addressed the meeting to discuss a number of files internal task and recent events. met on Sunday evening, Dr. Essam Sharaf, chairman of the caretaker government, a delegation from the Egyptian Church at the Presidency of the Council of Ministers. The meeting aims to support the government in defusing the conflict between Muslims and Copts in the stage careful

 

What if Satan had taken a vacation? By Hanan adorable Sawiris - The Free Copts Revolution came 25 January and optimism Egyptians of all sects good hope to see our beloved Egypt country a new and different is better than ever optimistic that we see in the new dress we have not seen it since more than a quarter of a century and already we have seen Egypt in the form we missed it for decades, but We had lost hope that we see in one day, a sight cohesion Copts with Muslims and the determination of the rules of the past to maintain the lack of communication Ooallahm them, but they made ​​all they can even occur task force between the parties and keep them away from some of the various ways and to keep it so as not to meet views, including never when you view the ideas, opinions, and this so as not to demolish the walls by metal lodged for that not to happen and the unit, including Vtkon force against them can not stand in front of they made ​​to take that into account an