Forex Technical Analysis for 01/28-02/01 Week

EUR/USD trend: sell.
GBP/USD trend: hold.
USD/JPY trend: buy.
EUR/JPY trend: hold.

Floor Pivot Points:
Pair	3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
EUR/USD	98.3103	49.8734	98.3517	49.9148	98.3931	49.9562	98.4345
GBP/USD	1.8987	1.9162	1.9497	1.9672	2.0007	2.0182	2.0517
USD/JPY	102.27	103.62	105.18	106.53	108.09	109.44	111.00
EUR/JPY	145.84	148.98	152.84	155.98	159.84	162.98	166.84

Woodie's Pivot Points:
Pair	2nd Sup	1st Sup	Pivot	1st Res	2nd Res
EUR/USD	74.1022	146.8093	74.1436	146.8507	74.1850
GBP/USD	1.9162	1.9497	1.9672	2.0007	2.0182
USD/JPY	103.62	105.18	106.53	108.09	109.44
EUR/JPY	148.98	152.84	155.98	159.84	162.98

Camarilla Pivot Points:
Pair	4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
EUR/USD	146.8072	146.8186	146.8224	146.8262	146.8338	146.8376	146.8414	146.8528
GBP/USD	1.9551	1.9691	1.9738	1.9784	1.9878	1.9925	1.9971	2.0112
USD/JPY	105.13	105.93	106.20	106.46	107.00	107.26	107.53	108.33
EUR/JPY	152.86	154.79	155.43	156.07	157.35	157.99	158.64	160.56

Fibonacci Retracement Levels:
Pairs	EUR/USD	GBP/USD	USD/JPY	EUR/JPY
100.0%	1.4779	1.9848	107.89	159.11
61.8%	1.4621	1.9653	106.78	156.44
50.0%	1.4572	1.9593	106.44	155.61
38.2%	1.4523	1.9533	106.09	154.78
23.6%	1.4463	1.9458	105.67	153.76
0.0%	1.4365	1.9338	104.98	152.11

Euro Rises as Dollar Weak on Average Releases

Today EUR/USD again showed a good level of gains, recovering from the major drop that was seen on Monday. It's already up by almost 0.8% and is looking strong. The reason for this behavior lies in the good Eurozone fundamental data and average data from U.S. today.

Initial jobless claims report for the last week showed an insignificant drop by 1,000 compared to previous 302,000 (which has been revised up from 301,000). The analysts expected a growth to 320,000 that week.

The report by National Association of Realtors on Existing home sales in December showed a bigger than expected decline — to 4.89 million from 5,00 million in November (annually adjusted).

Crude oil inventories in U.S. continued to grow in the past week, rising up 2.3 million barrels, compared to previous value. This growth can mean a domestic demand decline and the wish to increase the inventories while the oil prices are quite low.

Euro Down Fastest Since December

EUR/USD unexpectedly fell today after the moderate fundamental statistics were released in the United States. This currency pair declined from 1.4803 opening price to 1.4656 making it the largest daily drop for EUR/USD since December 14.

CPI (Consumer Price Index) in December showed a better than expected growth, increasing by 0.3% - still lower than in previous month (0.8%), but above the forecasted 0.2%.

Net foreign purchases of the long-term securities in November were at quite a high level - $90.9 billion, but lower than October's $114.0 billion.

December's industrial production stalled with 0% change, but that can be considered a good news, because the negative change has been expected. Industrial capacity utilization dropped slightly, going down from 81.6% (revised from 81.5%) to 81.4%.

U.S. crude oil inventories last week showed a gain at last increasing by almost 4.3 billion barrels after the previous report of 6.7 billion barrels dropdown.