Forex News Blog
Back to The Headlines
Monday February 22, 2010 - 10:10:01 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 22/02/2010ForexPros Daily Analysis February 22,
Fundamental Analysis: German Ifo Business
European traders look forward to the publication of the
German Ifo Business Climate Index. The German Information and Foschung (Ifo)
Business Climate Index determines the business sentiment and conditions in the
Euro-zone. The reading is concluded from survey of about 7,000 businesses. A
higher than expected reading should be taken as positive/bullish for the EUR,
while a lower than expected reading should be taken as negative/bearish for the
EUR. Analysts predict a rise from the past reading to a reading of
The Euro broke
Fridayâ€™s resistance 1.3507 and successfully reached the first suggested target
1.3572, before hitting the second target 1.3653 after the open with astonishing
accuracy (the high until the moment of preparing this report is 1.3652). That is
why we will consider this top to be resistance of the day. If the price continue
to show strength, and broke this resistance, the current rise will go on for the
short term at least. We see todayâ€™s most important target for such a break will
be the test of the falling trend line from 1.3838, which is currently at 1.3737.
And if broken the next target will be 1.3810. But if 1.3653 holds, and succeeds
in reversing short term correction, then the price will fall to support 1.3618,
and if broken the targets will be 1.3544 (which may be an ideal target for such
a drop, and then 1.3491.
â€˘ 1.3618: the confirmation
level for the â€śEngulfing patternâ€ť on the hourly chart.
â€˘ 1.3544: short term
50% Fibonacci level.
â€˘ 1.3284: the rising trend line from Feb 19th low on
â€˘ 1.3653: Important intraday
â€˘ 1.3737: the falling trend line from 1.3838 on the hourly chart.
1.3810: important intraday
Dollar-Yen was not able to
break the support 91.51 or the resistance 92.31 on Friday. But in spite of a
relatively limited trading range, it has left us a very important signal on the
charts, which is a clear â€śReversal Dayâ€ť pattern. This pattern is one of the
strongest reversal formations, and most successful ones. Thus, we will
immediately take the Yen side. We expect this pair to start falling once we
break the short term support 91.55, which we trade pips above right now. IF the
support at 91.55 is broken, we will witness a strong drop targeting 90.40 as a
first target, and maybe we will also see 89.90. But if the price holds above
this support, we could see a price behaviour negating this outlook, and we could
see a test of the resistance 92.31. If this resistance is broken, the strength
signs from last week will continue to achieve gains, with the next set of
targets at 93.08 & the important 93.75.
important intraday bottom.
â€˘ 90.40: the bottom of the rising channel on the
â€˘ 89.90: Feb 15th low.
Oct 27th high.
â€˘ 93.08: Jul 22nd low.
â€˘ 93.75: Jan 8th
---Forex Trading Analysis written by Munther Marji for ForexPros.
information on US dollar index 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 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..