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Forexpros Daily Analysis - 17/05/2010
ForexPros Daily Analysis May 17, 2010
Fundamental Analysis: German ZEW Economic Sentiment
European traders anticipate the German ZEW Economic Sentiment. The
German Zentrum fÃ¼r EuropÃ¤ische Wirtschaftsforschung (ZEW) Economic
Sentiment determines the sentiment of German institutional investors.
Above 0 indicates optimism while below 0 indicates pessimism. It's a
leading indicator of business conditions. The reading is concluded from
survey of about 350 German institutional investors and analysts.
A higher than expected reading should be taken as positive/bullish for
the EUR, while a lower than expected reading should be taken as
negative/bearish for the EUR. Analysts predict a future reading of 47.00
The Euro broke the Support specified in Fridayâ€™s report 1.2608 and
dropped hard, reaching both suggested targets 1.2511 & 1.2455 with
complete success, and even dropping more than 200 pips below the
latter. This new collapse is just another part in this downtrend that
wonâ€™t get tired! It has reached the lowest level in 4 years, and it
seems like it is targeting the psychological level 1.20 on the short
term, probably during this week. Todayâ€™s support is at 1.2254, and
breaking it would indicate a continuation of the drop, and of this
brutality of the Dollar towards the Euro. The targets for such a break
if it happens will be 1.2113 then the psychological level 1.2000. As
for the resistance it is at 1.2294, and breaking it would give us a
bounce, actually a strong one after this collapse, in order to create a
matching correction. In case this break happens, the targets will be
1.2435 & 1.2511. But even if the Euro reaches 1.2511, that will not
harm the negative outlook which dragged the Euro to these low levels.
â€¢ 1.2254: important intraday low.
â€¢ 1.2113: Apr 17th 2006 low.
â€¢ 1.2000: psychological level.
â€¢ 1.2294: important intraday level.
â€¢ 1.2435: the top of the falling channel on the hourly chart.
â€¢ 1.2511: May 10th low.
The Yen is trying to hold on in face of a strong Dollar, It is trying
to achieve some gains, not caring about how brutal is the Dollar
treating the European currencies. The Yen managed to push the Dollar
lower, to break Fridayâ€™s support 93.07, and fall more than 100 pips
after that, but without reaching our suggested target 91.40. The
question now is: Could the Yen go on with outperforming the Dollar? In
order to do so, it needs two things: to hold under the resistance 92.40
& to break the support 91.79. If we break the support 91.79 the Yen
will stay in the lead in this game, and will drag the Dollar to 2
important levels 90.75 & 90.09. The latter is an important level
for both the short & medium terms. On the other hand, if we break
the resistance 92.40, the Yen will give up to a very strong Dollar
(against other currencies), and this pair will shoot to 92.49 &
â€¢ 91.79: important intraday level.
â€¢ 90.75: Fibonacci 50% support for the rise from Thursdayâ€™s low.
â€¢ 90.09: Fibonacci 61.8% support for the rise from Thursdayâ€™s low.
â€¢ 92.40: the top of the falling trend channel on hourly charts.
â€¢ 93.49: previous hourly resistance, very close to last Mondayâ€™s top.
â€¢ 94.31: previous hourly support.
Forex Trading Analysis written by Munther Marji for Forex Pros.
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.
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Amazing Trader EVENT RISK Calendar:
Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
- POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI
- POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
- POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
- POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
- POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision
- POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
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