Today's Forex Market Outlook

Hi friends...
Let us talk about forex market. What exciting things happened today? lets review these news.
Major and more exciting news is there are no UK figures or policy maker speeches today. The data highlight comes on Wednesday when all eyes will be watching whether the ONS revises up its first estimate of Q3 GDP frmo -0.4%, which at the time defied expectations of the UK exiting recession during the quarter. Given the Q3 PMIs and recent signs of strength in other data, we have pencilled in a modest upward revision to -0.3%. Governor King and four of his MPC colleagues testify on the Inflation Report projections at the Treasury Select Committee (tomorrow).

The flash PMIs for November are published for the euro area today. We expect the headline indices from both the manufacturing and services sectors to edge higher in the month, to 51.0 from 50.7, and to 52.8 from 52.6, respectively. As a result, the composite PMI should also post a gain, supporting our view that activity in the euro area is expanding in the current quarter at a similar rate to the 0.4% recorded in Q3 - see chart. ECB President Trichet is scheduled to speak this afternoon.

Heading into the US Thanksgiving break on Thursday, trading conditions are expected to be thin. Today, there is only the existing home sales report. Given the strong improvement in September, we expect only a modest gain in sales to 5.6m for October. It was all about today. have a great day ahead.

EUR/USD: Euro rallies past 1.4945/50 area

Euro has recovered its position in market. Euro recovery from Friday's low at 1.4800, has extended with a 100 pips rally during Asian session, reaching levels around past 1.4950 at the moment of writing; 0.65% above its day opening price.

At the moment, the Euro could find resistance at 1.4965 (Nov 19 high), and above here, 1.4990 (Nov 18 high) and 1.5015 (Nov 16 high). On the downside, support levels are 1.4910/15, and below here, 1.4875/80 and 1.4830.

EUR/GBP has continued crawling higher during Asian session, extending upleg from 0.8835 low on November 17 to 0.9040 session high on Monday. Resistance levels are 0.9060 and 0.9120. Support levels are 0.8980 and 0.8930

It was all about position of EURO today. And trend index is slightly bullish today.

USD/JPY: Dollar breaks below 88.65, hits 6-week low

In FXstreet.com, it is reported today that USD/JPY has finally broken through 88.65 support, the floor of the latest two day's trading range, the Yen attacked 89.00 level on early Asian session, filed, and turned lower reaching a fresh 6-week low at 88.55.

In case of confirming decline below 88.65 (Nov 19 and 20 low), next support levels lie at 88.35 (Oct 9 low) and 88.00 (Oct 7 low). On the upside, resistance levels lie at 89.00 (session high), and above here, 89.15 (Nov 20 high) and 89.50 (Nov 18 and 17 high).

EUR/JPY bounced at 131.85 low on early Asian session, right above key support at 131.75/80, and the pair rallied through the session to reach 132.85 high. Resistance levels lie at 132.90/00 and 134.00. Support levels are 132.80 and 132.45/60

It was all about forex market's today's position. And the trend index was slightly bearish.