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Thursday March 4, 2010 - 10:12:49 GMT
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Forexpros Daily Analysis - 04/03/2010 ForexPros Daily Analysis March 4,
US Unemployment Rate
Traders of the US anticipate the publication of the
Unemployment Rate, which is a measure of the percentage of the total labor force
that is unemployed but actively seeking employment and willing to work in the
A high percentage indicates weakness in the labor market. A low
percentage is a positive indicator for the labor market in the US and should be
taken as positive for the USD. Analysts predict a reading of
The Euro stopped only
8 pips below the support specified in yesterdayâ€™s report, and rocketed once
again, breaking the resistance 1.3653, and stopping only 5 pips below our
suggested target 1.3740. Today, we see its best to count on short term levels to
lead the way for the single currency on the short term. Short term support is at
Fibonacci 61.8% for the micro term (which the price stopped accurately at almost
an hour ago). If we break this level, the Euro will start a drop that we expect
to be strong, and will target the most important support (for the short term)
1.3549, and if this level is also broken, the drop will go on, and we will
probably see another weekly low below Tuesdayâ€™s 1.3434. As for the resistance,
it is provided by the falling trend line from yesterdayâ€™s high, and is currently
at 1.3691. If broken, the Euro will continue this sharp rise, and will target
1.3799 & 1.3885.
â€¢ 1.3645: Fibonacci 61.8% for
the micro term.
â€¢ 1.3549: Fibonacci 61.8% for the short term.
â€¢ 1.3691: the falling trend line
from yesterdayâ€™s high on intraday charts.
â€¢ 1.3799: Feb 11th high.
1.3885: Feb 2nd low.
broke the support 88.53 only to stop in the middle of the way to the suggested
target, settling for 88.31. This break gives chance to more 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 above the current price, at
88.53. If the price stays below this line, more drop is to be expected. Short
term support is at 88.31, and if broken we will move slowly towards 87, where
the targets 87.72 & 87.00 awaits. The technical outlook stays negative as
long as we are below the resistance of the day 88.53. 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 89.58 &
â€¢ 88.31: Asian session low.
â€¢ 87.72: Dec
â€¢ 87.00: Nov 27th high.
â€¢ 88.53: the
falling trend line from 92.13 on the hourly charts, the upper limit for the
â€¢ 89.58: Dow 33.3% for the drop from 92.31.
â€¢ 90.22: Fibonacci
50% for the drop from 92.31.
Trading Analysis written by Munther Marji for
For information on US dollar index see
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