Forex News Blog
Back to The Headlines
Thursday May 20, 2010 - 10:30:08 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 20/05/2010
ForexPros Daily Analysis May 20, 2010
Fundamental Analysis: German Ifo Business Climate Index
European traders anticipate the publication of the German Ifo Business
Climate Index. The German Information and Foschung (Ifo) Business
Climate Index determines the business sentiment and conditions in the
The reading is concluded from survey of about 7,000 businesses. 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
The Euro broke the resistance specified in yesterdayâ€™s report 1.2223,
and successfully reached both suggested targets 1.2327 & 1.2412
with a perfect triumph. This climb is probably the first part of a
massive rising movie, which will be correcting the latest series of
collapses, which started at 1.3690 & smashed the Euro for more than
1500 pips in a few weeks. Today, will be a very important day for
determining the value of this possibility. If the price goes up from
here, this will indicate a correction for that massive move down from
1.3690, which will be able to take us to the 1.27-1.31 area within the
next 2 weeks. It is only natural for most traders to anticipate this
correction, but overexcitement could lead to premature, and wrongfully
timed trades, leading to negative outcomes. As for the short term, the
resistance is at 1.2364, and breaking it would indicate a continuation
of this spiky climb, targeting 1.2519 & 1.2604. The support is also
near, it is at 1.2320, and breaking it would take us back where we
traded recently: the important 1.2252 first, then 1.2159.
â€˘ 1.2320: Fibonacci 38.2% for the rise from yesterdayâ€™s low.
â€˘ 1.2252: Fibonacci 38.2% for the rise from yesterdayâ€™s low.
â€˘ 1.2159: important intraday support.
â€˘ 1.2364: important intraday resistance.
â€˘ 1.2519: May 6th low
â€˘ 1.2604: may 12th low.
Dollar/Yen broke the support specified in yesterdayâ€™s report 91.79, and
dropped by almost 100 pips, getting very close to our suggested target
90.75, without reaching it (The lowest price for the past 24 hours is
90.84). Stopping at this bottom is actually stopping at Fibonacci 50%
level for the whole rise from 87.99 to 93.62. Therefore, we are before
a very important level, which will be our â€śsupport of the dayâ€ť. If
broken, the drop will continue, and will target a very important level
at 90.14, and if this one is also broken, we will target 89.61. On the
other hand, resistance is at 91.50, and breaking it would improve the
negative technical outlook for the short term, probably slightly. This
break will give the price enough strength to rise towards 92.28, and
may be later the single most important resistance at this stage 93.49.
This resistance, which got attacked more than once without giving way,
is an important level not only for the short term, but for the medium
term as well. If broken, a lot of things will change, but until then,
the Yen is the one wearing the pants in this relationship.
â€˘ 90.81: Fibonacci 50% support for the rise from 87.99.
â€˘ 90.14: Fibonacci 61.8% support for the rise from 87.99.
â€˘ 89.61: Mar 9th low.
â€˘ 91.50: important intraday level.
â€˘ 92.28: Fibonacci 50% for the short term.
â€˘ 93.49: previous hourly resistance.
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.
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.