Forex News Blog
Back to The Headlines
Tuesday April 6, 2010 - 10:39:21 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 06/04/2010ForexPros Daily Analysis April 6,
The signs of drifting away from 1.3606 started to appear clearly as we
broke the rising channel on the hourly chart, which appears on todayâ€™s attached
chart. This break took place at 1.3465, and after such a break it is only normal
for the Euro to enter in a bearish phase, for the short term at least. But
approaching 1.3606 then breaking a rising channel could mean that we are
entering a bearish phase on the medium term as well. Short term support is at
1.3412, and if broken, the drop created upon the 1.3465 break will gain
momentum, and will drag the Euro down to 1.3283 as a first target for this
break, and then we could see 1.3190. As for the resistance, it is at the retest
level for the broken channel, which is at 1.3480. If the Euro manages to go back
inside the channel, that would be a real surprise, and if this surprise happens,
that would give another chance to test the most important resistance of all
1.3606. And if this one is broken, the Euro will enter a bullish phase for the
short & medium terms, and would target 1.3703 as a first immediate and
modest target for such a break on the way to higher levels in the coming days.
But, as long as we are below 1.3480, there will be no surprises, and the Euro
will fall towards the above mentioned targets.
1.3412: Asian session low.
â€¢ 1.3283: last Thursdayâ€™s low.
â€¢ 1.3190: Apr
30th 2009 low.
â€¢ 1.3480: the retest level for the
broken channel on the hourly chart.
â€¢ 1.3606: Fibonacci 61.8% for the drop
â€¢ 1.3703: Mar 8th
The rising move for the
Dollar against the yes stalled at 94.77 early in the new week. From that top a
slow retreat has started, then a break of the rising channel on the hourly chart
(shown on the attached chart). This is the most important even in favor of the
Yen in the past 2 weeks. We expect this break to give a chance for the Yen to
achieve gains and move this pair lower, even if that was for a correction. We
can also see a falling trend line from 94.77, with which the price has touched 3
times so far. This is another sign that the short term trend is down (in
addition to breaking the channel). Short term support is at 93.75, if broken the
94 adventure would have ended, even if temporary, and time for a correction will
be here. Targets for this break would be the very important 93.12 & 92.10.
As for the resistance it is at 94.28 & breaking it would target 95.05 &
â€¢ 93.75: Jan 8th high.
â€¢ 92.84: Fibonacci
61.8% for the rise from 92.10, a very important support for the short term.
92.10: Mar 30th low.
â€¢ 94.28: the falling trend
line from 94.77 on hourly chart.
â€¢ 95.05: Aug 24th high.
â€¢ 95.94: Mar 30th
---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.
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.