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• Eurozone GDP Q1 revision: q/q -0.2 % vs -0.2% exp
• EUR/GBP falls after UK services PMI
• It always takes two to make a market
• May UK services PMI 54.9 vs 53.0 exp.
• UK services PMI is the big one
• GBPUSD orders
• Euro caps again after softer PMI data
• Eurozone services PMI may: 47.2 vs 47.5 exp
• May German services PMI 49.7 vs 49.8 exp
• French services PMI may: 44.3 vs 44.3 exp
• Italian services PMI may: 46.5 vs 47.5 exp
• Spanish services PMI may: 47.3 vs 44.4 prev
• Aussie looking ugly again
• EURUSD orders
• EURUSD pops over 1.3100 only to run into more sellers
• Aussie dollar under fire again
• Nikkei closes down 3.83% at 13.014.87
• Nikkei lower again – part 278
• Nikkei posts new daily lows of 13,165
• Data coming up in this session

Eurozone GDP Q1 revision: q/q -0.2 % vs -0.2% exp Posted: 05 Jun 2013 02:00 AM PDT -0.2% prev y/y -1.1 % vs -1.0% exp -1.0% prev

EUR/GBP falls after UK services PMI Posted: 05 Jun 2013 01:58 AM PDT Had a little slip down to 0.8504. We cracked through the 100 H4ma & 200wma at 0.8517. The 100 dma has kept a lid on the highs in the 0.8540/50 area and the tech support is still pretty good below. Support is seen at 0.8502, the 55 dma at 0.8496, the 200 H$ ma at 0.8493 then strong support at 0.8485/88. I still like a long from 0.8500 but my stop will be tight around 0.8480 as my feeling is that the UK will continue to overtake the EU in a recovery thus there will be downward pressure on the pair. The highs are getting lower so it’s all starting to point down. This may be one last chance to get a bounce off some good tech support.

It always takes two to make a market Posted: 05 Jun 2013 01:40 AM PDT As we often say here at ForexLive Ryan gave you the heads up on a long play into the UK services PMI, and before that I’d given you a heads up on the buy rumour/sell fact scenario, and highlighted strong sell order interest at 1.5380. He went long and sold on the spike, and yes, shock, I sold the rally. Everyone’s a winner. Hurrah!

May UK services PMI 54.9 vs 53.0 exp. Posted: 05 Jun 2013 01:28 AM PDT Prior  52.9 GBP/USD pops to 1.5371

UK services PMI is the big one Posted: 05 Jun 2013 01:22 AM PDT The UK service sector accounts for around 75% of UK GDP so it’s a biggie. The market looks to be getting ahead of itself again and pricing in a good number. The expectation is for a rise of 0.1. This is quite a low expectation so we could see a nice pop in cable if it’s higher. Given that the trend today is pointing to more dollar weakness there may be value in taking a small long ahead of the figure. If it’s very good up we go. If it’s a slight miss then it may cause cable to sell off but will likely be faded. A big miss and we could dump. Resistance is seen at 1.5344 with the 100 dma at 1.5347, the 61.8 fib from May hi/lo at  1.5367 then strong resistance at 1.5378, 1.5413. Support below is the 200 H4 ma at 1.5313, support at 1.5285 then 1.5275.

GBPUSD orders Posted: 05 Jun 2013 01:21 AM PDT We’re seeing a perky pound ahead of the services PMI at 08.28 gmt. Cable just had a decent rally back to session highs around 1.5340. A case of buy rumour/sell fact ? The services sector is key to UK GDP so the importance of this number can not be underestimated Sellers 1.5350,1.5380,1.5400,1.5420,1.5430,1.5450 Buyers 1.531o, 1.5290,1.5270,1.5250,1.5230,1.5200

Euro caps again after softer PMI data Posted: 05 Jun 2013 01:06 AM PDT Not a lot of cheer in the releases. Euro rally capped for the moment again EURUSD 1.3076  EURGBP 0.8527  EURJPY 130.38

Eurozone services PMI may: 47.2 vs 47.5 exp Posted: 05 Jun 2013 01:00 AM PDT 47.5 prev composite unchanged at 47.7

May German services PMI 49.7 vs 49.8 exp Posted: 05 Jun 2013 12:53 AM PDT Prior 49.8 Composite 50.2 vs 49.2 prior

French services PMI may: 44.3 vs 44.3 exp Posted: 05 Jun 2013 12:48 AM PDT 44.3 prev composite 44.6 vs 44.3 prev

Italian services PMI may: 46.5 vs 47.5 exp Posted: 05 Jun 2013 12:43 AM PDT 47.00 prev new business  falls to 43.5 vs 46.9 prev

Spanish services PMI may: 47.3 vs 44.4 prev Posted: 05 Jun 2013 12:20 AM PDT highest in 23 months employment index  45.2 vs 43.1 prev.. highest in 20 months Euro higher again after this better than expected number, although technically still in contraction mode below 50 EURUSD 1.3079  EURGBP 0.8540  EURJPY 130.40

Aussie looking ugly again Posted: 05 Jun 2013 12:10 AM PDT AUDUSD  failed on its first attempt to break down through 0.9590 but now has barrier option support at 0.9550 in its sights. AUDJPY 95.28 GBPAUD 1.6010

EURUSD orders Posted: 05 Jun 2013 12:02 AM PDT Lower again since my previous post mentioning the good-size sell interest between 1.3110-20. currently 1.3076 Sellers  1.3110,1.3120 ( stop-loss buying if breached),1.3140,1.3150,1.3190,1.3200 Buyers 1.3065,1.3050,1.3035,1.3015,1.3000,1.2985

EURUSD pops over 1.3100 only to run into more sellers Posted: 04 Jun 2013 11:43 PM PDT Having finally taken out some decent sell interest at 1.3100 we’ve just popped up to 1.3107 before running into more sellers at 1.3110. I hear there’s more up to 1.3120 then expect some stop-loss buying if breached Currently back down 1.3095

Aussie dollar under fire again Posted: 04 Jun 2013 11:19 PM PDT Hurrah, a new topic ! Despite the early European appetitite to sell USD the ailing aussie dollar is coming under attack again, not helped by weaker than expected GDP and pressure of the yen buying so far. ( not to mention getting bowled out for 65 by India in a ICC Champions Trophy warm-up game ) S&P/ASX200 closed at 4835.20. lowest since january 25th AUDUSD on it’s session lows around 0.9605. AUDJPY 95.58. EURUSD up 1.3630 GBPAUD 1.5970

Nikkei closes down 3.83% at 13.014.87 Posted: 04 Jun 2013 11:08 PM PDT -518.89 points 6 week lows USDJPY 99.58 Closed just off the daily lows of 13,011 so we need to watch the futures now for signs of follow-through

Nikkei lower again – part 278 Posted: 04 Jun 2013 10:40 PM PDT I really am trying to find some other news to write about but this little tinker keeps on tanking! Low 13011 now.  down 3.8% USDJPY 99.40

Nikkei posts new daily lows of 13,165 Posted: 04 Jun 2013 10:15 PM PDT Down 2.55% on the session USDJPY dips again to 99.56. EURJPY 130.29 AUDJPY 95.96  GBPJPY 152.66

Data coming up in this session Posted: 04 Jun 2013 09:57 PM PDT Ok,  I was putting this together before my coffee and cornflakes were rudely interrupted once again by the naughty Nikkei. Main focus will be  Eurozone GDP and retail sales, and UK services PMI data particularly seeing as how it’s such a major part of GDP. Then as the US get going we have the ADP NFP change to kick-start our afternoon. Good luck everyone, and I hope we can help make you a few pips. Times BST ( GMT+1)

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