Forex News Blog
Back to The Headlines
Thursday February 11, 2010 - 09:29:00 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 11/02/2010ForexPros Daily Analysis February 11,
Fundamental Analysis: Core Retail
Traders of the US look forward to the publication of the Core
Retail Sales tomorrow, January 12. The Core Retail Sales is a monthly
measurement of all goods sold by retailers based on a sampling of retail stores
of different types and sizes in the US, excluding auto. It is an important
indicator of consumer spending and also correlated to consumer confidence and
considered as a pace indicator of the US economy .
A higher than expected
reading should be taken as positive/bullish for the USD, while a lower than
expected reading should be taken as negative/bearish for the USD. Analysts
predict a rise from the past reading to a reading of
The Euro stopped only
6 pips above the resistance specified in yesterdayâ€™s report, and this confirms
the importance of 1.3805. Today, this level has double importance, with the
falling trend line from 1.4577 touching the above mentioned Fibonacci level. 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 todayâ€™s resistance 1.3805 before we can say the
odds favor a continuation of this rebound. Short-term resistance is still at
1.3805, 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 the important 1.3857
& 1.3936. While the support is at 1.3752, and breaking it would bring back
the drop, targeting 1.3665 & 1.3582.
Fibonacci 38.2% for the short term..
â€¢ 1.3665: a well known previous
â€¢ 1.3582: Apr 6th
â€¢ 1.3805: Fibonacci 50% for the last drop
from 1.4025, and the falling trend line from 1.4577.
â€¢ 1.3857: Fibonacci
61.8% for the last drop from 1.4025.
â€¢ 1.3936: Feb 1st
After last Thursdayâ€™s sharp
drop, we can say that the Dollar-Yen has moved horizontally in the same areas
for a whole week, in a period of excitement-free trading. And as the important
support & resistance levels for the short term approaching each other,
expecting a large move to be just around the corner is a completely logical
thing. What is worth mentioning is that during last Thursdayâ€™s drop, we have
came close to the long term Fibonacci 61.8% support at 88.23, 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 89.75, and breaking it would indicate a movement
to test the most important support 88.23, with a possibility to stop around
88.81 even if temporary. Short term resistance is little changed at 90.04, and
breaking it would indicate that the Yen has settled for closing on 88.23 without
reaching it, and that we are correcting last Thursdayâ€™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€¢ 89.75: important intraday support.
88.81: Fridayâ€™s low.
â€¢ 88.23: Fibonacci 61.8% for the whole move from 84.81
â€¢ 90.04: important intraday
â€¢ 91.14: Fibonacci 50% for the whole drop from 93.75.
Fibonacci 61.8% for the whole drop from 93.75.
Analysis written by Munther Marji for ForexPros.
on currency trading see
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 20 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.
- POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.
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..