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Tuesday November 10, 2009 - 11:08:24 GMT
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Forexpros Daily Analysis - 10/11/2009Forexpros Daily Analysis Nov 10, 2009
Free webinar today - Mapping out the Banking System & Foreign Exchange Dealing Process, Part I
Expert: Dan Cook
When: Tue, Nov 10, 2009, 11:00 EST
the first Webinar of a two part series, Dan Cook, Senior Market Analyst
at IG Markets will shed light on the inner workings of the
international banking system and its impact on Currency trading.
webinar will provide a breakdown of the Central Banks and the Interbank
System, highlighting the roles of each of the major p_layer_s and how
their policy decisions impact currency markets. Additionally, Cook will
review major market indicators and identify which data releases most
critically impact currency markets, enabling traders to get a better
sense of which economic announcements warrant the most attention. Click here to join the webinar.---
Traders await the release of the Bank of England's (BOE) Quarterly Inflation Report tomorrow (NOV 10th).
report sets out a detailed economic analysis and inflation projection
on which the Bank's Monetary Policy Committee _base_s its interest rate
decisions. The Monetary Policy Committee is also expected to present an
assessment of the prospects for UK inflation over the next two years.
Euro Dollar - Rising Trendline
Euro broke the resistance specified in yesterday's report 1.4942 and
reached the first target suggest for his break 1.5014 with good
accuracy (yesterday's high was 1.5018). Yesterday's target will be
today's resistance, and if broken we expect this rise to go on,
reaching new highs that we have not seen this year, first of which is
1.5082, then 1.5144. The most important support for the next few hours
will be the rising trendline from November 3rd bottoms, which is at
1.4925 currently. In case it is broken, the Euro will face a correction
on the short-term horizon that will target Fibonacci 38.2% for the
short-term at 1.4821, at least, and could reach 61.8% at 1.4746. In
this case, the latter will be the most important support for the
short-term because staying above means this drop is only a correction,
while breaking it means it is more than a correction.
â€¢ 1.4925: The bottom of the rising channel from Nov 3rd lows.
â€¢ 1.4821: Fibonacci 38.2% for the last rising move.
â€¢ 1.4746: Fibonacci 61.8% for the last rising move.
â€¢ 1.5014: previous resistance from 2008.
â€¢ 1.5082: previous resistan4ce from 2008.
â€¢ 1.5144: previous support from 2008.
USD/JPY - Falling Trendline
we said yesterday, the two-time stop at the descending trendline on
Friday, and at Fibonacci 50% resistance at the beginning of the week,
the borders of the downtrend is getting clearer and clearer. The
falling trendline is now at short-term Fibonacci 61.8% resistance is at
90.37, meeting them in the same area is the moving average SMA100,
making this area the most important for the short-term. Staying below
it means that bears are in control. More confidence for the downtrend
will be gained once we break 89.79, the support provided by the rising
trendline from this weeks low. Such a break will target 89.40 then the
important bottom 88.82. If a surprise happens, and we break 90.37, we
will target 90.90 first, then 91.30.
â€¢ 89.79: the rising trendline from this weeks low.
â€¢ 89.40: previous support.
â€¢ 88.82: Oct 14th low, and an important low for determining the medium-term trend.
â€¢ 90.37: a resistance area that includes Fibonacci 61.8% for the short-term, a falling trendline, and the moving average SMA100.
â€¢ 90.90: a well known previous support/resistance.
â€¢ 91.30: Nov 4th high.
--- Forex trading analysis by Forexpros â€“ Written by Munther Marji
Futures and Options on Futures and Cash Forex transactions involves
substantial risk of loss and may not be suitable for all investors. You
should carefully consider whether trading is suitable for you in light
of your circumstances, knowledge, and financial resources. You may lose
all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
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