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Wednesday February 17, 2010 - 10:32:27 GMT
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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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Amazing Trader EVENT RISK Calendar:
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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
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- 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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