Forex News Blog
Back to The Headlines
Tuesday February 9, 2010 - 10:02:51 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 09/02/2010ForexPros Daily Analysis February 9,
Fundamental Analysis: Fed Chairman
US traders look forward to Ben Bernanke, US Federal
Reserve Chairman, who will be testifying in Washington DC, regarding America's
economic outlook and financial markets.
His comments may determine a
short-term positive or negative trend.
The Euro kept trading above the support 1.3620, and
started to rise, breaking the resistance 1.3666, and reaching 1.3728 until this
moment without reaching the target 1.3752. As we said yesterday, with Fridayâ€™s
move taking us close to the channel bottom, and then a fast bounce reaching
1.3666, the odds of an upside correction remains present, but we need a break of
1.3745 before we can say the odds favor that. Short-term resistance is at
1.3745, and breaking it would indicate that the price is already moving higher
after the drop we witnessed last week, even if that was only for a short term
correction. The targets for such a correction would be 1.3805 & 1.3857.
While the support is at 1.3666, and breaking it would bring back Fridayâ€™s target
under the spotlight: 1.3582 & 1.3516.
the rising trend line from 1.3584 on intraday charts.
â€¢ 1.3582: Apr 6th
â€¢ 1.3516: Apr 2nd high.
important intraday resistance.
â€¢ 1.3805: Fibonacci 50% for the last drop from
â€¢ 1.3857: Fibonacci 61.8% for the last drop from
Dollar-yen did not break
any of the important levels specified in yesterdayâ€™s report, and kept trading in
a relatively tight range without any major moves that have any influence on the
technical outlook, leaving the technical outlook hardly changed. What is worth
mentioning is that we are getting closer to long term Fibonacci 61.8% support at
88.23 (Thursdayâ€™s low 88.53), and there is no doubt that this level is the most
important support in these areas. As for the short term, the support is at
89.23, and breaking it would indicate a movement to test the most important
support 88.23, and if broken the first target would be 87.35. Short term
resistance is at 89.87, and breaking it would indicate that the Yen has settled
for closing on 88.23 without reaching it, and that we are correcting yesterdayâ€™s
drop, or may be the whole drop from 93.75, which might be over close to the
Fibonacci support. Such a correction would have ideal targets at 91.14 &
â€¢ 89.23: the rising trend line from Thursdayâ€™s
low on intraday charts.
â€¢ 88.23: Fibonacci 61.8% for the whole move from
84.81 to 93.75.
â€¢ 87.35: Dec 9th low.
Fibonacci 50% for the short term.
â€¢ 91.14: Fibonacci 50% for the whole drop
â€¢ 91.76: Fibonacci 61.8% for the whole drop from
Forex Trading Analysis written by Munther Marji for
For information on currency
Disclaimer: 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.
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..