The EUR/USD pair took off during yesterday's trading session. The rally was supported by low demand for loans offered by the ECB to European banks. Investors realized European banks might be in better financial conditions than previously thought and responded by buying the euro while selling other currencies. However, the rally halted following a disappointing U.S. private sector jobs report, and later by warnings from ratings agency Moody's that it will downgrade Spain's sovereign debt rating.

Forex Market Trends

 
EUR/USD
GBP/USD
USD/JPY
USD/CHF
AUD/USD
EUR/GBP

Daily Trend
down
down
down
down
down
up

Weekly Trend
down
down
down
down
down
down

Resistance
1.2300
1.5020
89.10
1.0820
0.8450
0.8260

1.2280
1.5000
88.90
1.0800
0.8430
0.8240

1.2250
1.4970
88.60
1.0770
0.8400
0.8210

Support
1.2190
1.4910
88.00
1.0710
0.8340
0.8150

1.2160
1.4880
87.70
1.0680
0.8310
0.8120

1.2140
1.4860
87.50
1.0660
0.8290
0.8100