·     ECB's response to the region's crisis is justified by the need to avoid deflation and a credit crunch -Coeure

·     He said the EZ crisis nonetheless risked leaving behind a lost generation as a result of slow growth and high unemployment.

·     "The ultimate justification for such measures was the need to pre-empt negative inflationary pressures and avoid a collapse in money and credit creation," Coeure said in parliament

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ANALYSIS EUR/GBP midday outlock

We expect the momentum to rise toward the resistance level 0.8133, which is the September high. Breaking this level would bring EUR/GBP to another rally, and the next resistance is the 0.8136, which is the monthly high. Above that lies the 0.8156, which is the June high. Below our current price, it's the support level 0.8086, which is October 12 high. Breaking this level would lead to another support 0.8040, which is the 61.8% retracement from 0.8113 to 0.7922.
S1: 0.8040   61.8% retracement from 0.8113 to 0.7922
S2: 0.8017   50% retracement from 0.8113 to 0.7922
S3: 0.7995   38.2% retracement from 0.8113 to 0.7922
R1: 0.8113   September high
R2: 0.8136   monthly high
R3: 0.8156   June high

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ANALYSIS AUD/JPY midday outlock

Currently we are expecting strong support from 81.63, which is 61.8% retracement from 83.03 to 79.37. Breaking this level would lead to another support from 81.20, which is 50% retracement from 83.03 to 79.37. Above our current price it's the resistance 82.26, which is September 21 high. Breaking this level would bring AUD/JPY to another rally, and the next resistance is the 82.88. Above that lies the monthly high 83.03.
S1: 81.63   61.8% retracement from 83.03 to 79.37
S2: 81.20   50% retracement from 83.03 to 79.37
S3: 80.76   38.2% retracement from 83.03 to 79.37
R1: 82.26   September 21 high
R2: 82.88   September 21 high
R3: 83.03   September high

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