Forex News Blog
Back to The Headlines
Wednesday December 2, 2009 - 12:30:10 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 02/12/2009Forexpros Daily Analysis Dec 2,
Interest Rate Decision
The EU Central
Bank will announce the new monthly short term interest rate tomorrow (Dec
The decision on where to set interest rates depends mostly on growth
outlook and inflation. The primary objective of the central bank is to achieve
price stability. High interest rates attract foreigners looking for the best
"risk-free" return on their money, which can dramatically increases demand for
the nation's currency.
A higher than expected rate is positive/bullish for
the EUR, while a lower than expected rate is negative/bearish for the
Analysts expect tomorrow's interest rate to remain stable at
For more on interest rates see
The Euro broke the
resistance 1.5050 but settled for 1.5116 only, without reaching the first
suggested target 1.5144. This morning it started to fall and get closer little
by little to the first important trendline which is currently at 1.5058. We
believe that testing this line is only a matter of time. And if the Dollar
succeeds in breaking this line, it would put the Euro under pressure, because
that break would mean that we are already in a correction for the whole move
from 1.4827. Such a correction would take this pair to Fibonacci 50% for the
short-term at 1.4972 as a first target, and may be Fibonacci 61.8% at 1.4937 as
a second target & an important support. On the other hand, short-term
resistance is at 1.5101, and only breaking it would improve the â€śexhaustedâ€ť
technical outlook. If this break happens, it will target 1.5200 first, and may
be 1.5260 later. But, as long as we are below 1.5101 exhaustion will lead this
pair downwards to test several support levels and important
â€˘ 1.5058: the rising trendline from 1.4827
on the hourly chart.
â€˘ 1.4972: Fibonacci 50% for the short-term.
Fibonacci 61.8% for the short-term.
important intraday resistance from yesterday.
â€˘ 1.5200: resistance area from
â€˘ 1.5260: resistance area from
Dollar-Yen stopped with
astonishing accuracy at Fibonacci 61.8% at 87.50, as yesterdayâ€™s high was 87.51!
Stopping at Fibonacci resistance levels indicates that the trend is still down.
This makes us expect that the whole up-move from 84.81 is only a correction,
that will ends once we break the rising trend channel, and then the downtrend
will come back to search for new lows. Fibonacci 61.8% at 87.50 is still the
most important resistance, and if price succeeds in breaking it, then a test of
the bottom of the supposed wedge formation at 88.28 is to be expected, and if
this important resistance is also broken, the next target will be the top of
that formation which is currently at 88.72. todayâ€™s support is yesterdayâ€™s
86.84, and breaking it would mean a continuation of the downtrend after some
rising bounces. That would target the bottom of the rising trend channel from
last weekâ€™s bottom on the hourly chart, which is currently at 85.84, and if
broken we will test 84.81. Fibonacci says the trend is down, and the Yen
strength is still expected, but we should be aware of the possibility of
interventions by the Japanese government that would left this pair many steps
â€˘ 86.84: short-term support.
â€˘ 85.84: the
bottom of the rising trend channel from last weeks bottom.
â€˘ 86.44: last
â€˘ 87.50: Fibonacci 61.8% short-term
(for the move from 89.17 to 84.81).
â€˘ 88.28: the bottom of the supposed wedge
â€˘ 88.72: the top of the supposed wedge
Forex Trading Analysis by
DisclaimerTrading 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.
Forex Trading News
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
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Register To Test Your Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 11 December 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
- POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI
- POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
- POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
- POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
- POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision
- POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
TRADER ADVOCACY ARTICLES
Trader's Advocate Articles..