Forex News Blog
Back to The Headlines
Wednesday February 24, 2010 - 10:48:01 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 24/02/2010ForexPros Daily Analysis February 24,
Fed Chairman Bernanke Testifies
Traders of the US look forward to Ben
Bernanke, US Federal Reserve Chairman, who will be testifying in Washington DC,
regarding America's economic outlook and financial markets.
His comments may
determine a short-term positive or negative trend.
The Euro broke the resistance specified in yesterdayâ€™s
report 1.3653 and came close to 1.37, before a total reversal took place, and
the Euro fell so hard, breaking the support 1.3612, and reached the first
suggested target 1.3544 successfully, and stopped only 4 pips before the second.
After this collapse, we ask ourselves, will the Euro be able to bounce back? The
most important support for the short term is at 1.3514, where there is the
rising trend line from Fridayâ€™s low. If this line is broken, the fall will
continue, targeting areas below the latest bottom 1.3442, most important of
which for today are 1.3422 & then 1.3338.The resistance is provided by the
short term 61.8% Fibonacci level at 1.3615. If broken, then the odds of breaking
the important trend line demonstrated on the attached chart will be huge, and
the price will jump to 1.3689 & 1.3787.
the rising trend line from Feb 19th low on intraday charts.
â€˘ 1.3422: May
â€˘ 1.3338: Apr 29th high.
Fibonacci 61.8% for the short term.
â€˘ 1.3689: Feb 23rd high.
â€˘ 1.3787: Feb
Dollar-Yen broke the
support specified in yesterdayâ€™s report 90.55, and reached the first suggested
target 89.90 with an unbelievable accuracy (yesterdayâ€™s low was exactly 89.90).
This support, which represents short term 61.8% Fibonacci level, will be the
most important support for today. If broken, the drop that started with the
â€śReversal Dayâ€ť pattern will carry on. The next set of targets will be 89.22
& may be 88.53. But if we hold above yesterdayâ€™s low, the odds of rising
will be huge, even if for a correction. And if this turns out to be a rising
correction, the ideal target would be at 91.02, and also, we could see a visit
to the previous well known support/resistance area
â€˘ 89.90: Fibonacci 61.8% for the short
â€˘ 89.22: Feb 10th low.
â€˘ 88.53: Feb 4th
â€˘ 90.28: Asian session high.
Fibonacci 50% for the short term.
â€˘ 91.63: previous well known
Trading Analysis written by Munther Marji for
For 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 18 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
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..