Forex News Blog
Back to The Headlines
Tuesday February 16, 2010 - 10:15:55 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 16/02/2010ForexPros Daily Analysis February 16,
Fundamental Analysis: FOMC Meeting
Traders of the US anticipate the publication of the Federal Open
Market Committee (FOMC) Meeting Minutes. They are a detailed record of the
committee's interest rate meeting held about two weeks earlier. The minutes
provide detailed insights regarding the FOMC's stance on monetary policy, so
currency traders carefully comb them for clues regarding future interest rate
The Euro did not
break the resistance nor the support specified in yesterdayâ€™s report, and traded
in a tight range for the past 24 hours. The resistance that is considered the
upper limit for the downtrend is 1.3720, and as long as the price is below this
level, we favor more downside activity, But the technical outlook changes
dramatically the minute this level is broken. The continuation of the downtrend
is expected, as we are still trading below the falling trend line drawn from
1.3838. Short term support is are 1.3616 and breaking it would indicate that we
have lived a short correction after Fridayâ€™s fall, and we are to continue
falling today, targeting 1.3525 & 1.3422. But in case of breaking the
resistance 1.3720, the odds of a short term uprising correction will be greater,
and the ideal targets of such a correction are the Fibonacci levels 1.3778 &
1.3836. In case we get close to these areas, the resistance at 1.3836 will be
important not just for the short term, but for the medium term as
â€¢ 1.3616: the rising trend line from 1.3530 on
â€¢ 1.3525: May 14th low.
â€¢ 1.3422: May 18th
â€¢ 1.3720: the falling trend line from 1.3838
on intraday charts.
â€¢ 1.3778: Fibonacci 50% for the last drop from
â€¢ 1.3836: Fibonacci 61.8% for the last drop from
Yesterday, Dollar-Yen did
not break the support or resistance specified in the report, but it did break
89.83 during the Asian session. This break holds a lot of importance for the
short term, since it is a break for the hourly trend line rising from the
important bottom 88.53. Thus we will await a break of the Asian session low
89.70 to confirm the break of this trend line, and breaking it would enhance
chances of a drop in the coming hours, targeting 89.12, and then the all
important Fibonacci medium & long term support 88.23. The resistance stays
at 90.22, and the negative technical outlook will not change unless we
decisively break this resistance. If this break happens, we would target the
important Fibonacci levels 91.14, and then what could be the most important
resistance for short term 91.76.
â€¢ 89.70: the rising
trend line from 88.53 on hourly charts.
â€¢ 89.12: Jan 27th low.
Fibonacci 61.8% for the whole move from 84.81 to
â€¢ 90.22: Fibonacci 61.8% for the drop from
91.26 to 88.53.
â€¢ 91.14: Fibonacci 50% for the whole drop from 93.75.
91.76: Fibonacci 61.8% for the whole drop from 93.75.
Trading 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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 10 Sep 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.