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Tuesday February 23, 2010 - 10:08:09 GMT
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Forexpros Daily Analysis - 23/02/2010ForexPros Daily Analysis February 23,
Fundamental Analysis: New Home
Traders of the US anticipate the publication of the New Home Sales
report. It measures the annualized number of new residential buildings that were
sold during the previous month.
This report helps to analyze the strength of
the US housing market, which helps to analysis the economy as a whole.
new home sales report is quite volatile and subject to huge revisions.
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 reading of 350K.
The Euro broke the support 1.3618 and traveled more than
half the way to the target 1.3544 (yesterdayâ€™s low 1.3572). The modest drop came
after 1.3653 successfully reversed the short term direction. 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 1.3612, and
if broken the targets will be 1.3544 (which may be an ideal target for such a
drop, and then 1.3491.
â€˘ 1.3612: a rising trend line
on the intraday charts.
â€˘ 1.3544: short term 50% Fibonacci level.
1.3491: the rising trend line from Feb 19th low on intraday
â€˘ 1.3653: Important intraday top.
1.3737: the falling trend line from 1.3838 on the hourly chart.
important intraday top.
â€śReversal Dayâ€ť pattern proved its strength. As we have expected, the price
started to fall immediately after breaking 91.55, reaching 90.84 until now (but
without reaching the suggested target 90.40). As we said yesterday, the
â€śReversal Dayâ€ť pattern is one of the strongest & most reliable reversal
patterns, that is why we will keep our bias towards the Yen, but with caution,
because as we get closer & closer to the channel bottom, the odds of a
rising correction gets bigger & bigger. Short term most important support is
the bottom of the rising channel on the hourly chart which is currently at
90.55. We do not recommend going short before it is broken. If this break takes
place, the price will drop targeting 89.90, and then 89.22. Resistance is at
Fibonacci 38.2% for the short term 91.37, breaking it would mean that we already
have a rising correction (at least). Targets of such a break are 92.31 &
â€˘ 90.55: the bottom of the rising channel on
the hourly chart.
â€˘ 89.90: Feb 15th low.
â€˘ 89.22: Feb 10th
â€˘ 91.37: Fibonacci 38.2% for the short
â€˘ 92.31: Oct 27th high.
â€˘ 93.08: Jul 22nd
---Forex Trading Analysis written by Munther Marji for ForexPros.
information on US dollar index see
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AA: Major, A: High, B: Medium
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