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Forexpros Daily Analysis - 17/02/2010ForexPros Daily Analysis February 17,
Fundamental Analysis: BOJ Press
The Bank of Japan will be holding a press conference, their
preferred method of communicating with investors. Topics at such conferences
generally include economic outlook, inflation and changes in interest
The Euro broke the
resistance 1.3720 and successfully and accurately reached the first suggested
target 1.3778 (the high until the moment of preparing this report is 1.3780).
This break moves the importance to the most important Fibonacci resistance for
the short term at 1.3836, where we see a double importance for today. Breaking
this level would indicate that the Euro has broken free from pressure and
downtrend (for the short term at least), and we will await any signals of a
direction change for the medium term. Short term resistance is at 1.3778 and we
are trading pips below it now. If it is broken, we would target a test of the
most important 1.3836, and if broken, we would target 1.3911 as a first,
temporary, modest target on the way higher. Short term support is at 1.3740 and
if broken, The Euro would settle for a 1.3780 as a short term top, and a drop
would already be underway, targeting 1.3685 &
â€¢ 1.3740: an obvious support on the hourly
â€¢ 1.3685: Fibonacci 38.2% for the short term.
â€¢ 1.3626: Fibonacci
61.8% for the short term.
â€¢ 1.3778: Fibonacci 50%
for the last drop from 1.4025.
â€¢ 1.3836: Fibonacci 61.8% for the last drop
â€¢ 1.3911: Jan 29th
The Dollar-Yen maintained
trading above the support specified in yesterdayâ€™s report 89.70 (the low after
issuance of the report was 89.77), and it rose modestly to break 90.22 and only
reaching 90.49. This behaviour is a continuation for the slow advancement
activity that we have seen recently, which as it is shown on the chart, is
trading inside a slowly rising channel. As long as we are trading inside this
channel we expect more of the same. The bottom of the channel is at 89.90 and
this is the most important support for the short term. If broken, a drop will be
initiated targeting 89.12 & 88.23 all over again. The resistance is at Jan
26th & 28th top 90.53, and breaking it would indicate that this rising trend
will accelerate, targeting Fibonacci levels 91.14 & 91.76 all over
â€¢ 89.90: the bottom of the rising channel on
the hourly chart.
â€¢ 89.12: Jan 27th low.
â€¢ 88.23: Fibonacci 61.8% for the
whole move from 84.81 to 93.75.
â€¢ 90.53: Jan 26th
& 28th highs.
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
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