Forex News Blog
Back to The Headlines
Wednesday March 10, 2010 - 10:55:24 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 10/03/2010ForexPros Daily Analysis March 10,
Traders of the US anticipate the publication of the Trade
Balance index. The
index measures the difference in worth between exported
and imported goods
(exports minus imports). This is the largest component of
balance of payments.
Export data can give reflection on the US
growth. Imports provide an
indication of domestic demand.
foreigners must buy the domestic currency to pay for the nation's
may have sizable affect on the USD.
A 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
The Euro broke
the support 1.3595, and stopped only 7 pips below the
suggested target, and
created another bottom in the same area of last
Friday's low (1.3529). This
boring behavior, and moving back and forth in
almost the same areas in the
past days, made us wonder if we could be in a
triangle of some sort. If this
is true, the triangle limits are 1.3673 &
1.3557, but we will espouse
Fibonacci 61.8% support & resistance at 1.3566 &
1.3639 to be today's
levels. We can only hope to end this boredom with a
break of one of these
levels. If the resistance at 1.3639 is broken, we
expect the Euro to jump and
test the top of the falling channel at 1.3729.
And if this important
resistance is broken too, we will see the Euro flying
to 1.3810. On the other
hand, if the support at 1.3566 is broken, we expect
a test of the rising
trend line from 1.3442 as a first target (this line is
currently running at
1.3472), and if broken we will reach a fresh cycle low
* 1.3566: Fibonacci 61.8% for the short
* 1.3472: the rising trend line from 1.3442 on the hourly charts.
1.3390: Apr 13th high.
* 1.3639: Fibonacci 61.8%
for the short term.
* 1.3729: the top of the falling channel on the hourly
charts, and a very
important resistance for the short term & the medium
* 1.3810: Feb 10th
After Fibonacci resistance
90.66 has succeeded in reversing the short term
direction, the price traded
under it for the whole past 24 hours, reaching a
low of 89.61, and drifting
away more than 100 pips from the weekly high,
which is in total agreement
with Fibonacci analysis that suggests we had a
short term direction-changing
top at 90.66.This rebound from Fibonacci
retracement level with very good
accuracy is evidence that the general
direction of the short-term is down. If
this turns out to be true, we will
see the Dollar-Yen breaking the nearby
support 89.69, and trying to attack
the Fibonacci support 89.09 which will
act as a first target for this break,
and in case this level is broken, we
can say that the drop from 90.66 is
more than a correction. If this level is
also broken, the target would be
88.46, on the way to lower targets. As for
the resistance it is provided by
short term Fibonacci 61.8% resistance, at
90.26. If this line is broken, we
will be on the way to another weekly high,
since the targets for such a
break would be 90.84 & the well known
important resistance 91.67.
* 89.69: Fibonacci 50% for
the short term.
* 89.09: Fibonacci 61.8% for the short term.
previous hourly support.
* 90.26: Fibonacci 61.8%
for the drop from this week's high.
* 90.84: Nov 5th & 6th high.
91.67: previous hourly support.
Forex Trading Analysis written
by Munther Marji for ForexPros.
Trading Futures and Options on Futures and Cash
transactions involves substantial risk of loss and may not be suitable
all investors. You should carefully consider whether trading is suitable
you in light of your circumstances, knowledge, and financial resources.
may lose all or more of your initial investment. Opinions, market data,
recommendations are subject to change at any time.
on our Forex Quotes see ForexPros.
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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 19 Mar 2018
AA: Major, A: High, B: Medium
Tue 20 Mar 2018
AA 9:30 GB- CPI
A 10:00 DE- ZEW Survey
Wed 21 Mar 2018
AA 03:00 AU- Employment
AA 9:30 GB- Employment
A 12:30 US- Current Account
AA 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
A A 18:00 US- Fed Rate Decision
A 21:00 NZ- RBNZ Rate Decision
Thu 22 Mar 2018
AA All Day flash PMIs
AA 9:30 GB- Retail Sales
AA 12:00 GB- Bank Of England Decision
A 13:30 US- Weekly Jobless
Fri 23 Mar 2018
AA 12:30 CA- CPI/Retail Sales
A 12:30 US- Durable Goods
A 14:00 US- New Homes Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.