Forex News Blog
Back to The Headlines
Tuesday March 16, 2010 - 09:50:44 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 16/03/2010ForexPros Daily Analysis March 16,
BoJ Press Conference
March 17th: Bank of Japan will be holding a press
conference, their preferred method of communicating with investors. Topics at
such conferences generally include economic outlook, inflation and changes in
yesterday â€śTo maintain this positive outlook, the Euro should hold above the
most important support for the short term 1.3635. But of course, a correction
wonâ€™t harm the outlook, as long as it holds above this support.â€ť And it seems
that the Euro was eavesdropping! The price broke the support 1.3726, and dropped
as expected in a correction which stopped only 3 pips before the â€śideal targetâ€ť
1.3635! As we can see in the chart, yesterdayâ€™s low was close to 2 important
support levels: the upper line in the triangle & Fibonacci 61.8%.Thus, the
outlook is still positive and will be as long as we are above 1.3635. This is
the â€śsupport of the dayâ€ť & if broken, we expect the Euro to drop strongly,
and target 1.3543 first, and may be the important 1.3480 after that. The
resistance is at 1.3743 & breaking it would indicate a resumption of the
uptrend that followed the break of the triangle. The next set of targets will be
the important 1.3838, and may be we will see 1.3928, while the Euro approaches
the 1.40 important landmark.
â€˘ 1.3635: Fibonacci
61.8% for the short term.
â€˘ 1.3543: Mar 10th low.
â€˘ 1.3480: the rising
trend line from 1.3442 on the hourly chart.
1.3734: Fibonacci 61.8% for the short term.
â€˘ 1.3838: Feb 9th high.
1.3928: Jul 3rd low.
yesterdayâ€™s report was issued, the Dollar-Yen rose to 90.78 (2 pips above the
resistance of the report 90.76), then the expected drop started breaking the
support 90.33, and reached 89.97 so far. Although the downtrend did not reach
its expected targets, and hardly gained 80 pips from yesterdayâ€™s top, but we
believe that the technical evidences have triumphed. And today they are still
pointing lower, especially after breaking 90.33. We expect the â€śshooting starâ€ť
pattern that happened on Friday to keep pressuring the price, driving it down.
Short term resistance is at 90.47 which combines Fibonacci 61.8% for yesterdayâ€™s
drop, with the retest level of the rising trend line from 89.61 which was broken
yesterday. The downtrend will be ok as long as we are below this level. But if
it is broken, the direction will be opposite to all the technical evidences that
point down. And the price will jump to 91.07 & 91.60. While the support is
at 90.02, and breaking it would indicate a continuation of the drop which
started yesterday at 90.78. The next set of targets will be 89.37 &
â€˘ 90.02: important intraday support.
89.37: Mar 2nd low
â€˘ 88.72: Feb 26th low.
90.47: Fibonacci 61.8% for the short term.
â€˘ 91.07: Fridayâ€™s low.
Oct 29th high.
---Forex Trading Analysis written by Munther Marji for
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.
For information on our Forex Quotes see
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..