EUR/GBP Technical Analysis

– The Australian dollar was higher against its U.S. counterpart on Thursday, as Greece’s parliament was preparing to debate important legal changes ahead of a massive debt restructuring.AUD/USD hit 1.0674 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0663, rising 0.25%.The pair was likely to find support at 1.0568, the low of February 1 and resistance at 1.0737, the high of February 14.The legislation, to be put to vote later Thursday, was part of the new EUR130 bailout deal approved by euro zone leaders earlier in the week to put the country back in a position to reach a sustainable debt level by 2020.But investors were jittery amid concerns over whether the bailout for Greece will be enough to resolve the country’s fiscal woes and after ratings agency Fitch cut Greece’s credit rating to C from CCC while reiterating that a bond-swap agreement with private creditors would be a restricted default.Elsewhere, the Aussie was fractionally higher...

– The euro edged higher against the U.S. dollar on Thursday, despite the previous day’s disappointing euro zone economic data and ongoing doubts over the sustainability of Greece’s second bailout deal.EUR/USD hit 1.3288 during late Asian trade, the pair’s highest since Tuesday; the pair subsequently consolidated at 1.3283, rising 0.26%.The pair was likely to find support at 1.3171, Monday’s low and resistance at 1.3320, the high of February 9 and a two-month high.Concerns over the impact of Europe’s debt crisis on the region’s economy returned to the fore on Wednesday, after preliminary data showed that manufacturing activity in the euro zone improved less-than-expected in February, remaining in contraction territory for the seventh consecutive month, while service sector activity contracted unexpectedly.Meanwhile, concerns over whether a second EUR130 billion bailout for Greece will be enough to resolve the country’s fiscal woes continued after ratings agency Fitch cut Greece’s credit rating to C from CCC and reiterated that a bond-swap agreement with private...

– Asian stocks were mixed to lower on Thursday as investors sold on news that output at European factory and services firms was down, while weak housing data out of the U.S. also dampened spirits.During Asian trading on Thursday, Hong Kong's Hang Seng Index was down 0.66%, Australia's S&P/ASX200 was down 0.38%, while Japan’s Nikkei 225 Index was up 0.17%.In Europe, services and manufacturing output dipped in February, according to Markit Economics, with figures coming in worse than expected.In the U.S., the National Association of Realtors reported that existing home sales rose by 4.3% to a seasonally adjusted 4.57 million units in January, below expectations for a gain of 6.2% to 4.67 million units.Furthermore, the American Petroleum Institute reported that U.S. crude inventories rose last week, as less demand for oil often reflects an economy taking a breather.Official oil inventory figures are due out later ThursdayWeak data on both sides of the Atlantic soured moods in Asian equities markets somewhat,...

– Crude oil futures softened on Thursday as U.S. inventories rose, while concerns that the European economy is fraught with uncertainty despite a recently approved EUR130 billion Greek bailout sent investors selling the commodity for profits.On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at USD105.78 a barrel, down 0.48%.The commodity hit an earlier session high of USD106.11 and a low of USD105.74.Oil soared recently when news broke that European finance ministers agreed to hand over EUR130 billion in rescue funding to Greece, which doused fears the country would miss a bond payment in March and run through a messy default.However, manufacturing and services output data for both the eurozone and its largest economy, Germany, came in weaker than expected, which fueled some concerns that the European economy may be a little weaker than once thought and will need less oil.Plus Fitch Ratings downgraded Greece to C from CCC due to terms of bailout...

– The euro was slightly lower against the dollar on Thursday, dipping after manufacturing data out of both Germany and the eurozone as a whole came in weaker than expected, stoking concerns that the European economy may be cooling.Weak U.S. housing data gave the euro some support, however.In Asian trading on Thursday, EUR/USD hit 1.3247, down 0.02%, gaining from a session low of 1.3244 and off from a high of 1.3256.The pair was likely to test support at 1.3187, Tuesday's low, and resistance at 1.3293, Tuesday's high.London-based Markit Economics reported its composite purchasing manager index for both service and manufacturing sectors across the eurozone dropped to 49.7 in February from 50.4 in January.German numbers disappointed as well, and both figures primed fears that if both service and manufacturing sectors are producing less, clouds may be building on Europe's horizon.Meanwhile, in Greece, Fitch Ratings downgraded the country's debt ratings to C from CCC after the country got the green light from...

– Natural gas prices dropped again Wednesday, as forecasts of nonstop mild winter weather in the U.S. dampened sentiment on the heating fuel ahead of Thursday’s report on U.S. natural gas supplies. On the New York Mercantile Exchange, natural gas futures for April delivery traded at USD2.75 per million British thermal units during U.S. morning trade, tumbling 1.5%. It earlier fell by as much as 1.95% to trade at a session low USD2.719 per BTU. Natural gas prices came under selling pressure after the Commodity Weather Group said warmer-than-normal temperature was forecast for the next two weeks across most parts of the U.S. Midwest, Northeast and South. According to the firm, temperatures in the Northeast may be 8 degrees above normal throughout the period. For the eastern U.S. as whole, temperatures may be 5 degrees higher than normal. Weather service provider AccuWeather offered a similar outlook. The company expects temperatures in the U.S. Northeast and...

– Gold futures traded higher Wednesday despite a strong U.S dollar on weak euro zone manufacturing data, while concerns over Greece’s financial woes persisted. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,771.05 a troy ounce during late U.S. trade, climbing 0.71%. It earlier fell by as much as 0.55% to trade at a session low USD1,750.85 a troy ounce. Futures were likely to find support at USD1,732.35 a troy ounce, Tuesday’s low and technical resistance exists at USD1,765.85, the high from February 3. Gold gained despite as the dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, climbing 0.16% to trade at 79.30. A stronger U.S. dollar usually weighs on gold, as it decreases the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. Preliminary data...

– Crude oil futures traded lower Wednesday, but remained close to the previous day’s nine-month high as tension between Iran and the West overshadowed concerns over a slowdown in euro zone manufacturing activity and sustained fears over Greece. On the New York Mercantile Exchange, light sweet crude futures for April settlement traded at USD105.94 a barrel during U.S. afternoon trade, giving back 0.30%. The April contract traded in a range between USD105.63, the daily low and a session high of USD106.41. On Tuesday, prices rose to USD106.46 a barrel, the highest since May of last year. Oil traders continued to monitor tensions between Tehran and Western powers after the International Atomic Energy Agency said Iran refused permission to visit the Parchin military base during two days of talks that ended Tuesday. In addition Tuesday, the leader of Iran’s state oil company said that if other European nations continued “hostile acts” it would stop exporting oil to them as well, after...

– European stocks closed lower Wednesday, as worse than expected service and manufacturing data combined with additional Greek rating cuts weighed on equities . Near the close of European trade, the EURO STOXX 50 fell 0.89%, France's CAC 40 gave back 0.52%, while Germany’s DAX dropped 0.93%. Meanwhile, in the U.K. the FTSE 100 dipped 0.20%. The bearish sentiment was stroked when London based, Markit Economics said its composite purchasing manager index for both service and manufacturing dropped to 49.7 in February from a reading of 50.4 in January in the euro zone. This contraction of service and manufacturing output signals additional struggles ahead for the euro zone region. Another report showed German services and manufacturing expansion surprisingly slowed in February further adding to the equity negative session. Meanwhile, in Greece, Fitch Rating slashed the island nations credit grade two levels to C from CCC after the country obtained approval to proceed with the bond exchange to reduce its...

– Crude oil futures swung between gains and losses on Wednesday, but remained close to the previous day’s nine-month high as simmering tension between Iran and the West overshadowed concerns over a slowdown euro zone manufacturing activity and sustained fears over Greece.On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at USD106.14 a barrel during U.S. morning trade, easing down 0.11%.The April contract traded in a range between USD105.63, the daily low and a session high of USD106.41. On Tuesday, prices rose to USD106.46 a barrel, the highest since May of last year.Oil traders continued to monitor tensions between Tehran and Western powers after the International Atomic Energy Agency said Iran refused permission to visit the Parchin military base during two days of talks that ended Tuesday.Also Tuesday, the head of Iran’s state oil company said that if other European nations continued “hostile acts” it would stop exporting oil to them as well, after...