EUR/USD

Last week's rejection from 1.3750/85 resistance area has set the pair under bearish pressure, according to Karen Jones, technical analyst at Commerzbank, who foresees further weakness this week, with the the pair drifting towards1.3355 area.

The Euro is likely to extend losses this week, according to Jones, who points out to 1.3355 initial target: "We look for further losses this week towards initially the 55 day ma at 1.3355. Below here we look for losses to extend to 1.3108, the 200 day ma."

On the upside, above 1.3625, bears could lose strength, which, according to Jones, could allow for recovery towards 1.3750/85: "We are currently trading below the 20 day ma at 1.3625 and while capped here, will regard the market as directly offered intraday. Above here would allow for a retest of the 1.3750/85."

Asian stock markets have opened the week on strong note, with demand for risk boosted by Mubarak's resignation in Egypt, which has decreased concerns about the stability of the whole Middle Eastern region.

Oil prices have eased to prices about USD86 a barrel, as the situation in Egypt returns to normal, and fears about an oil shortage faded. In currency markets, the Dollar pulled back against Euro, Pound and Yen.

Japanese Nikkei has risen 1.1% each, while the South Korean Kospi Index surged 1.9%, and the Hong Kong Hang Seng Index and Australian ASX Index advanced 1.1% each. Chinese Shangai Composite Index rose 2.2%. Markets in Indonesia, Taiwan and Singapore have also traded higher.

source: http://www.fxstreet.com

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