Air for Grenback

Good morning welcome to a new day in FX market. Another day with good rhythm we lived yesterday in currency markets, where greenback strengthened all across the board but especially against the Euro and Japanese yen in New York session, after a quite negative performance in the Asian and European sessions. After better than expected news in Europe (The IFO survey numbers) and worst than expected in the US (Consumer confidence came under expectations), news that the investment arm of the Abu Dhabi government will take a $7.5 billion stake in Citigroup, offering investors concerned about the state of bank balance sheets some comfort, was what gave air to the beaten dollar, that managed to end a positive day against most rivals.
 
07:00 US MBA Mortgage Applications (Previous -3.6%)
 
08:30 US Durable Orders Oct (Expected 0.0% Previous -1.7%): The durable orders release measures the dollar volume of orders, shipments, and unfilled orders of durable goods; orders are considered a leading indicator of manufacturing activity so probably this can be the most interesting in the morning. As you can see, the demand for goods is expected to increase. Durable Orders have sub items, pay extra attention to the ex transportation number that probably will be the base of first market reaction; by the end of the day, and depending in the following ones, the headline number will probably define EUR/USD trend.
 
10:00 US Existing Home Sales Oct (Expected 5.00M Previous 5.04M): this report provides a measure of the level of sales of existing home sales; is considered a good indicator of activity in the housing sector.
 
10:30 US Crude Inventories 11/23 (Previous -1071K): This report measures the weekly increase in barrels of commercial crude oil held in inventory by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation and other economic forces.
 
14:00 US Fed\'s Beige Book: This report, is a compilation of the economical developments of the twelve Federal Reserve districts regarding to each particular area. The Beige Book is produced two weeks before each Federal Open Market Committee (FOMC) meeting to help guide the committee when setting short term interest rates. 

18:50 JPY Industrial Production for October MoM (Expected 1.5% Previous -1.4%) and   YoY (Expected 4.4% Previous 0.8%)
 
EUR/USD is right now at 1.4823 not clearly defined in 4 hours charts: under 1.4805, first support for today the pair will find its next support around 1.4781, followed by 1.4765 a daily ascendant trend line that if broken could trigger a more interesting bearish rally to the zone around 1.4728. Resistances from here, will be at 1.4845, followed by the zone around 1.4870/80 and finally 1.4910.
 
USD/JPY is quoting at 108.43 recovering its bearish trend in bigger cars, after quickly rebounding around 109.13. The pair will find supports first around 108.30, followed by 108.05, 107.82, the zone around 107.55 and finally 107.21. Resistances for the next hours will be at 108.60, 108.96, a daily descendant trend line, followed by 109.15, Gann number, 109.46 and finally the zone around 109.65.

GBP/USD is right now at 2.0660, moving sideways yet still slightly bullish in 4 hours charts: the pair will find resistances at 2.0685, followed by the zone around 2.0710, and finally 2.0732. Only a break of this last point could trigger a more interesting bullish rally, first to the zone around 2.0760 and finally to 2.0790. First support today will be at 2.0639 followed by the zone around 2.0610, and then 2.0585, a daily ascendant trend line: a break trough this last point will turn the pair bearish in the short term, finding next support at 2.0550.
 
Have a great trading day!