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Thursday December 17, 2009 - 10:38:55 GMT
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Forexpros Daily Analysis - 17/12/2009Forexpros Daily Analysis Dec 17, 2009
Fundamental Analysis: German Ifo Business Climate Index
The German Information and Foschung (Ifo) Business Climate Index
determines the business sentiment and conditions in the Euro-zone.
The reading is concluded from survey of about 7,000 businesses.
A higher than expected reading should be taken as positive/bullish for
the EUR, while a lower than expected reading should be taken as
negative/bearish for the EUR.
Analysts forecast a reading of 93.90, down from 94.50.
The Euro broke both the support & resistance of yeserdayâ€™s report,
before choosing the downward road reaching both suggested targets
1.4445 & 1.4405. With that, the long-term Fibonacci 50% support
(1.4445) was broken, and we expect to see Fibonacci 61.8% at 1.4280,
and we might see it before the weekend. Short-term resistance is at
1.4452, and breaking it is the key to reach and test the most important
resistance for short-term 1.4504. The importance of this resistance
comes from being Fibonacci 61.8% for the short-term, and staying below
it, would indicate that the rising move from yesterdayâ€™s low is just a
short-term correction, while breaking it would means it is bigger than
that, and would target 1.4574 as a first stop on the road to higher
targets. Short-term support is at 1.4405 and breaking it would indicate
a continuation of the drop to 1.4354 first, and then the important
â€¢ 1.4405: the rising trend line from yesterdayâ€™s low on intraday charts.
â€¢ 1.4354: Aug 27th low.
â€¢ 1.4445: Fibonacci 61.8% for the long-term (the rise from 1.3737 to 1.5143).
â€¢ 1.4452: Fibonacci 38.2% for the short-term.
â€¢ 1.4504: Fibonacci 61.8% for the short-term, and the most important resistance.
â€¢ 1.4574: intraday resistance from yesterday.
Dollar-Yen broke the resistance 89.72 and reached the first target
90.08 successfully. This continuation in rising was a result of
breaking the falling trend line from 90.75. 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 89.13. And before that, we have the
short-term support at 89.87, breaking it is the key to a retest of the
broken line, targeting 89.13, and if this one is broken we could see a
sharp drop to the important Fibonacci support 87.87. On theother hand,
the resistance 90.40 is resistance of the day, and breaking it will
indicate ability to continue going up, targeting the well known 90.90
first, and then November 4th top 91.31.
â€¢ 89.87: short-term support.
â€¢ 89.13: the retest level of the broken trend line.
â€¢ 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75.
â€¢ 90.40: previous well known support/resistance area.
â€¢ 90.90: previous well known support/resistance area.
â€¢ 91.31: Nov 4th top.
Forex trading analysis by Munther Marji for Forexpros. See our new commodities section on Forexpros.
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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
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EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
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