2010-03-09: Greece Debt Concerns Ease, EUR Currently Bullish
Some of the latest price movements in the EUR have reflected a growing sense of optimism in the Euro-Zone, given the mild easing of debt concerns in Greece. Switzerland also appears to be having a positive effect on the region with a recent report which showed retail sales climbing much higher than forecast last month. Investor confidence in the region also appears to have risen slightly better than was anticipated. Whether Europe can sustain this bullish momentum is yet to be seen, but so far the regional currencies appear to be holding their gains.

EUR/USD
While most indicators for the pair are floating in neutral territory, a modest upward correction may take place today as the 2 hour chart RSI is floating near the oversold territory and a bullish cross is evident on the 4 hour chart’s Slow Stochastic. Going long with tight stops may be advised for today.

GBP/USD
The pair may be seeing a bullish correction today as the hourly, 2 hour and daily RSI are floating in the oversold territory indicating an upcoming upward movement. Furthermore a bullish cross is evident on the 4 hour and 2 hour charts’ Slow Stochastic. Going long for the day may be a good option.

USD/JPY
The pair seems to be exhibiting mixed signals at the moment with the 4 hour and 8 hour charts’ RSI floating in the overbought territory, while the hourly and 2 hour RSI floating in the oversold territory. Furthermore, a bullish cross is evident on the 2 hour chart’s Slow Stochastic, while a bearish cross is evident on the daily chart’s Slow Stochastic. Waiting on a clearer direction for the pair may be advised for today.

USD/CHF
The pair seems to be range trading at the moment, with most indicators floating in neutral territory. A slight bearish correction might take place, however, as a bearish cross is evident on the 4 hour chart’s Slow stochastic and the 2 hour RSI is floating near the overbought territory, indicating and impending downward movement. Going short with tight stops may be advised for today.

GBP/AUD
The pair’s recent downward trend may be seeing some correction today as the hourly, 2 hour, 4 hour and daily RSI are floating in the oversold territory and a bullish cross is evident on the hourly and 2 hour charts’ Slow Stochastic. A breach of the lower Bollinger Band is also evident on the 4 hour chart.