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Wednesday December 16, 2009 - 13:55:16 GMT
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Forexpros Daily Analysis - 16/12/2009Forexpros Daily Analysis Dec 16, 2009
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The Euro broke the support 1.4621 and successfully reached both
suggested targets 1.4566 & 1.4510. And then spent the time holding
above 1.45, and that could lead to a correction of the last 5 waves
down from 1.4683. If short-term resistance 1.4563 is broken, 1.4614
would be an ideal target for this correction, and at the same time the
most important resistance. Reaching it could provide a good sell
opportunity. But, if its broken, the price will gain enough strength to
target 1.4667. As for the support, it is provided by the rising trend
line from yesterdayâ€™s low on the intraday charts, which is currently at
1.4535. If broken, we will target the important 1.4445 (the next
important stop), and then 1.4405.
â€¢ 1.4535: the rising trend line from yesterdayâ€™s low on intraday charts.
â€¢ 1.4445: Fibonacci 50% for the long-term (the rise from 1.3737 to 1.5143).
â€¢ 1.4505: Aug 27th high.
â€¢ 1.4563: intraday resistance.
â€¢ 1.4614: Fibonacci 61.8% for the short-term, and the most important resistance.
â€¢ 1.4667: previous well known support/resistance area.
Dollar-Yen broke the resistance 89.28, and jumped close to the 90 level
& the suggested target (yesterdayâ€™s high 89.93). With this break,
the Dollar has gained a technical advantage that should give it the
strength to go on. But to keep this advantage, the price should hold
above the broken trend line which is currently at 89.21. If it succeeds
in doing this, the odds will favor more upside movement, that would
break short-term resistance 89.72, and head to areas above yesterdayâ€™s
high, where the same suggested targets from yesterdayâ€™s report (90.08
& 90.90) will await. But if the opposite to what is expected
happened (if we break the support 89.21) the price will resume falling,
targeting the rising trend line from 84.81 & the SMA100, and both
of them at 88.83, and if this important support if broken, we will
â€¢ 89.21: the trend line that was broken yesterday.
â€¢ 88.83: the rising trend line from 84.81, and the SMA100.
â€¢ 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75.
â€¢ 89.72: short-term Fibonacci 61.8% resistance.
â€¢ 90.08: hourly resistance.
â€¢ 90.90: previous well known support/resistance area.
Forex trading analysis by Munther Marji for Forexpros.
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
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
John M. Bland, MBA
- 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.
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