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Thursday November 26, 2009 - 12:05:07 GMT
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Forexpros Daily Analysis - 26/11/2009

Forexpros Daily Analysis Nov 26, 2009

Special Event: Strategic & Tactical FOREX Trading

Hosted by: Wayne McDonell, founder of FXBootcamp
Thu, Dec 3, 2009, 11:00 EST/ 16:00 GMT

Forexpros is proud to host Wayne McDonell, world renowned Forex trading expert, in a unique webinar which will be held next week.
In this educational presentation Wayne will teach how to use technical analysis to align market and price forces for better trading opportunities with potentially less risk.
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Fundamental Events:

The Swiss KOF Economic Research Agency will publish its "Leading Indicators Index" Tomorrow (Nov 27), which determines the overall economic health of the country's economy.
The Index is comprised of 12 indicators related to consumer confidence, banking confidence, production, new orders and housing- and sheds light on the economic trend and the movement of GDP growth in Switzerland.
A higher than expected reading should be taken as positive/bullish for the CHF, while a lower than expected reading should be taken as negative/bearish for the CHF.
Analysts predict Tomorrow's Index to stand at 1.85, rapidly climbing since last May's slump of -1.86.
For Further reading, visit the Forexpros Economic Calendar


The Euro broke the resistance 1.5018, and reached both suggested targets 1.5082 & 1.5144 successfully and with an unbelievable accuracy (yesterday’s high in some companies was 1.5143 and in others 1.5144). It looks like reaching 1.5144 will provide a chance to correct the last up-move from 1.4887. such a correction will typically target the area 1.5015-1.4985. the importance of the lower limit of this area is that it combines the rising trendline on the hourly chart, with short-term Fibonacci 61.8%, which makes it a very important support for setting the direction for what is left of the week. But, before considering this scenario the favorite one, we should see a break of 1.5077, then a visit to 1.5015-1.4985 will be highly anticipated. And if 1.4985 is taken, the Euro will fall under considerable pressure, that will initially lead to 1.4919, on the way to lower targets. Short-term resistance is 1.5138 and only breaking it would improve the technical outlook, and target 1.5200 & 1.5260.

• 1.5077: Fibonacci 61.8% for the micro-term.
• 1.4985-1.5015: a support area combining Fibonacci 50% & 61.8% for the short-term, with the rising trendline from 1.4800 on the hourly chart.
• 1.4919: previous important intraday support.

• 1.5138: previous resistance from 2008.
• 1.5200: previous resistance from 2008.
• 1.5260: previous resistance from 2008.


As expected, and in harmony with the trend, Dollar-Yen broke the support 88.13 , and successfully reached the two suggested targets 87.10 & 86.40. This move has brought us prices that have not been seen for 15 years. It is only expected (and logical), that reaching 86.40 would provide us with a correction for the down leg that started at 89.17, and reached here without any significant correction. Such a correction will typically target the area 87.73-88.07 where there is Fibonacci 50% & 61.8% resistance levels (for the short-term). But before jumping on board we should see a break of the resistance 87.01. On the other hand, the support 86.40 will be support of the day, and breaking it would mean a continuation of the downtrend that showed a lot of strength yesterday, and a continuation of the drop towards new levels that have not been seen for a decade and a half, at 85.90, and may be later the calculated target for the broken wedge formation at 85.33.

• 86.40: support area from 1995.
• 85.90: support area from 1995.
• 85.33: the calculated target for the broken wedge formation.

• 87.01: Fibonacci 61.8% for the micro-term.
• 87.73: Fibonacci 50% for the short-term.
• 88.33: the bottom of the broken wedge formation.

Forex Trading Analysis Written By Forexpros


Trading 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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Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

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Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

Forex Trading Outlook

Trading Opportunities

  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.

  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.

  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.

  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.

  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.

John M. Bland, MBA
co-founding Partner,

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated


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