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Monday May 17, 2010 - 17:04:17 GMT
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Imperial FX Online - www.imperialfxonline.com
ImperialFXonline: Daily EUR/USD Trading StrategyDaily EUR/USD Trading Strategy
Resistance levels:1.2440 / 1.2523 / 1.2739 / 1.2803 / 1.3094
1.2234 / 1.2145 / 1.2010 / 1.1900 / 1.1704The euro's breach of the 2008 low of 1.2330 resulted in an exhaustive fall to 1.2234 in the Asian session but the short-covering rebound from there has alleviated some of the downward pressure and we will see minor consolidation before prospect of another selloff later (bearish sentiment still remains especially with the concerns over the prospects of the single currency due to the debt contagion in the eurozone), below 1.2234 would bring resumption of the medium-term downtrend from the record high at 1.6038 towards 1.2180 and then fibonacci projected target at 1.2145.Our short entry has been filled and only a move above 1.2523 (previous support) would indicate a minor low formation and risk retracement towards 1.2600 level instead.Written by www.imperialFXonline.comJoin Us and Strategize Your FX Trading Now!!
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
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