Market conditions remain the same at the beginning of Asian session, and nothing signal a short term change: Asian stocks are set to continue falling and boosting risk aversion. Despite U.S. president Barak Obama signed the huge stimulus plan market players are far from impressed, but fearing a deeper financial crisis. However, majors could make some corrective movements before continuing actual falling trend.

Euro continues testing the important minimums support zone close to 1.2549 (November low) followed by 1.2510 and 1.2430. A correction above 1.2600 could find resistances at 1.2640/75 (intraday level) and above 1.2700. While against Japanese Yen remains trapped in range: consider 117.30 to the upside and 115.45 to the downside.

British pound was actually one of the stronger currencies, slipping only against the dollar, as the latest inflation data suggests that the Bank of England may be hesitant to slash rates in the near-term. Against greenback, 1.4185/1.4200 remains as the first strong support to consider, followed by 1.4135. Consider resistances at 1.4270 and 1.4330. Gbp/Jpy attempts for long will have to wait for further confirmations above 131.80, while 130.00 level should contained the downside.

Japanese yen still weak after breaking above the 92.00, needs to move above 92.80 con confirm longer term upside movements, targeting the 94.60 key zone. Supports to consider are 91.90 and 91.55.