Forex | Forex | European markets open with gains; Euro and Pound at support levels (29/07/2009 09:05:00)

European markets open with gains; Euro and Pound at support levels

FXstreet.com (Barcelona) - European markets are going through gains in the first hours of trading, supported by better than expected quarterly profits by chemicals, which have offset negative influences by declining commodity prices. Euro and Pound declines have found support and the pairs attempt to re-gain some of the lost ground.

Eurostoxx 50 index trades 0.70% above its opening level, while German DAX Index gains 0.93&% and the French CAC Index adds 0.73%. In the UK the FTSE index trades 0.50% above its opening level.

On teh macroeconomic front, UK consumer lending posted the lowest increase on record, growing by GBP414 million in June, down from revised GBP485 million increase in May.

Euro and Pound at support levels

EUR/USD decline from yesterday's high at 1.4300 resistance has found support at the 1.4140 area, after having hit a fresh intra-week low at 1.4110 ahead of the European session opening, and the Euro consolidates between 1.4140 and 1.4185/00.

GBP/USD decline from 1.6555 resistance ares has found support at 1.6350, although the Pair did not take off from the mentioned level, currently at 1.6360, and further dipping might be ahead.

USD/JPY decline from 95.00 has found support at 94.00 and the pair has bounced during early European session to test resistance area at 94.60 at tjhe moment of writing.
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