 Hello traders at CMC Markets. Welcome to another update from me Trevor Neal, Research Director at Beta Group and RRG Research. I'm recording this on the evening of July 25th and presenting to you from London. We are focusing on currencies in this update and starting with the euro. The dollar is still strengthening and the euro is still falling after this big top which we might call a sort of complex head and shoulders top when the dollar bottomed out from its extremely oversold condition came the euro came down sharply then paused another sharp break now another break but if you look at the behavior here the breaks sharp break sharp break less sharp break so we've got lower lows in place but what we are seeing is higher lows in the sorry this has been going on for several days there's a loss of momentum on the downside we see it also in the MACD although matching that so we're losing momentum on the downside but the key thing is to observe is that we're approaching the first significant support point for the euro this is at 11010 so as we approach the support at 11010 we are in fact losing momentum so I think that we're close to finding coming to an end for this move we've seen the decreasing enthusiasm to sell and I'm looking for a bottom to develop in the next few days now we've got a lot of news coming out central bank news it from the the Fed and the ECB as well this week but the implication from the chart is that we are approaching a support point and that this weakness is coming towards an end and we may be setting ourselves up for a reversal at the moment the last lower high is at 11085 and so we need to break that in order to change the direction of trend but watch out for this it's not a one-way street and we're coming down to significant support and losing momentum as we approach it and now to sterling here we've got what looks like a basing formation and the trend is turning up we have broken through some resistance levels we're actually bouncing very in a very regular way between support and resistance levels unusual for sterling to be so technically well behaved but what we've got is one two three possibly four lows around this 12810 level so that's a strong level of support and we pass through previous resistance level and then we've we moved up towards the high of the 24th and we part we've broken that and then we moved up now to the high of the 21st exactly at the high of the 21st and come back and retrace to the the 12875 high which then became has become support and now we're moving up and testing the resistance at 129 let's call it just a little bit above 129 12910 that's a for safety the MACD line is moving up is oscillating higher currently it's crossing downwards or close to crossing downwards on this pause action here but it can easily turn back up again the RSI is also got a series of higher lows even through these four bottoms that we've got in here we had higher lows through there so that was a bullish formation for it we've got a lower high at the moment indicating we will hesitate a little bit longer around this 129 3 or 5 level before it quite possibly will break out then that will become support the next resistance is right up at 129 95 and that's from long time ago weeks ago in fact that resistance level and there isn't much resistance between here and there so potentially we could break this high and then could surge be well supported by that high there continue the pattern of rising lows and the trend continuing if we of course do see a weaker dollar but this is looking like it wants to break to the upside as I continue recording this at the beginning of the day on the 26th that's the trading gets going here in the yen where the dollar is breaking down having these four support levels here at 140 80 it's been broken and now it looks so we're heading to the next support level which is at 140 50 in the big picture this does look like this message that we saw earlier in the pound and the you the dollar is changing direction is changing from up to down so we have these lower highs in place here breaking these horizontal levels and looking like changing overall direction we see this very weak reading in the RSI coming down here pointing very determined the lower on that breakdown and we also see the drifting MACD it's edging lower and just cross down again through through the signal line but edging lower yeah so weak reading here looking like coming down to test this support but and the next support after that would be here now finally we're going to look at the British pound Japanese yen pound yen as the market gets going this morning the we've had a real drop in the pound versus yen tackling this uptrend line here which has existed since the 20th one two three points on it now being broken as I speak we had a series of lower highs up here so the break level was 181 40 and that now looks as though it's gone finally the MACD is crossing downwards and the RSI plunging here down to low reading here so where do we get support the first level of support is here at 181 15 and then the next level of support is at 180 75 as I just jumped back inside the triangle again so it hasn't held the breakout and so it's not a breakout yet but that may be just delayed we're testing the line and the support remains of course the same as it was and and it's quite threatening picture for the pound going down versus the Japanese yen I thank you all very much indeed for listening this time I hope you find it useful it's goodbye for me Trevor Neal director of research at Peter Group and also relative rotation graphs research BV and made a train be with you goodbye