Forex News Blog
Back to The Headlines
Wednesday March 3, 2010 - 10:10:05 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 03/03/2010ForexPros Daily Analysis March 3,
Interest Rate Decision
European traders anticipate the publication of the
European Central Bank ( ECB ) decision on short term interest rate. The decision
on where to set interest rates depends mostly on growth outlook and inflation.
The primary objective of the central bank is to achieve price stability. High
interest rates attract foreigners looking for the best "risk-free" return on
their money, which can dramatically increases demand for the nation's currency.
A higher than expected rate is positive/bullish for the EUR, while a lower than
expected rate is negative/bearish for the EUR. Analysts predict a reading of
The Euro broke the
support specified in yesterdayâ€™s report 1.3465, but it did not break the
important bottom 1.3422. Then it bounced back very sharply, breaking the
resistance 1.3578 and successfully reaching the first suggested target 1.3652
with astonishing accuracy (the high so far is 1.3653). Evidence now shows that
there is a respectable probability that we have formed a short term top at
1.3653. Such evidence is provided by the overbought indicators, stopping at a
well known resistance, and the retreat that started immediately after reaching
the target. If this turns to be the case, the price will fall, and break short
term support 1.3600. And here, the odds will clearly favor a short term drop.
Ideal targets would be the important 1.3517, and if broken 1.3450. We do not
advise to take any kind of bias towards the Euro before breaking the current
daily high 1.3653. If this happens, the Euroâ€™s uprising will continue, targeting
1.3740 & 1.3810.
â€¢ 1.3600: Fibonacci 23.6% for
the short term & 38.2% for the micro term.
â€¢ 1.3517: Fibonacci 61.8% for
the short term.
â€¢ 1.3450: Feb 25th low.
1.3653: important resistance level on hourly charts.
â€¢ 1.3740: previous well
known resistance area.
â€¢ 1.3810: Feb 10th
Dollar-Yen broke the
support 88.81 only to stop in the middle of the way to the suggested target,
settling for 88.46. This break gives chance to more of the drop, but on one
important condition. This condition is to stay below, and not break, the falling
trend line from 92.13, which is currently only pips below the current price, at
88.88. If the price stays below this line, more drop is to be expected. Short
term support is at 88.53, and if broken we will move slowly towards 88, where
the targets 88.00 & 87.35 awaits. The technical outlook stays negative as
long as we are below the resistance of the day 88.88. But in case this level is
broken, USDJPY will enter a long awaited correction for the whole drop from
92.13, with the ideal targets at Dow & Fibonacci levels 89.68 &
â€¢ 88.53: the most important support on intraday
â€¢ 88.00: Fibonacci 61.8% for the short term.
â€¢ 87.35: Dec 9th
â€¢ 89.88: the falling trend line from 92.13 on
the hourly charts, the upper limit for the downtrend.
â€¢ 89.68: Dow 33.3% for
the drop from 92.31.
â€¢ 90.30: Fibonacci 50% for the drop from
---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 23 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.
- POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.
- POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.
- POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.
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..