The Euro has continued to stabilise in trading today on hopes that some form of help may be forthcoming this week at the European finance ministers meeting scheduled on Thursday.

Commodity prices have also stabilised with Gold, copper and aluminium making gains as the US dollar slips back.

EURUSD the Euro has managed to stabilise after last weeks lows at 1.3585, an 8 month low for the single currency.
However, for the bearish sentiment of the last few days to be thrown into doubt the market is going to need to see more than rhetoric from politicians.

From a technical standpoint the Euro still looks heavy and while we could see a move back to 1.3800/50, and even 1.4100, while below these levels, the onus remains to the downside, especially so with the "death cross" moving average formation posted at last nights close, with the crossing of the 50 and 200 day moving averages.
On the last 2 occasions these 2 averages have crossed over, in 2005 and 2008 the Euro has dropped significantly on both occasions, though it has been a volatile ride.

GBPUSD - the pound has suffered today on poor economic data, firstly worse than expected BRC retail sales data for January, not altogether surprising considering the weather and the VAT increase, but also the trade deficit data which should a bigger than expected increase to £7.2bn.
It has managed to stay fairly resilient, finding some support around 1.5580 area.
The key resistance remains at the previous lows around 1.5700/10 and while below here the risk for further losses remains.

EURGBP - the pound has slipped back on the back of weaker economic data today but has still not managed to get above the 200 day moving average at 0.8830. Until it does so the bearish outlook for the Euro remains intact.

USDJPY - the dollar has remained broadly sidelined in today's price action trading between 89.80 and 89.20. While below 90.30 downside risk remains intact and a towards 88.25 which is the 61.8% Fibonacci retracement of the rally from 84.80 to the highs at 93.75.

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