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Forexpros Daily Analysis - 08/06/2010
Forexpros Daily Analysis - 08/06/2010
ForexPros Daily Analysis
June 8, 2010
Fundamental Analysis: Fed Chairman
Traders of the US look forward to the Fed Chairman
Bernanke Speech tomorrow June 9. The Fed Governor Ben Shalom Bernanke was born
in 1953. He graduated from Harvard University and a Ph.D. in economics in 1979
from the Massachusetts Institute of Technology. In 2006 he became the Chairman
of the Federal Reserve System. His comments may determine a short-term positive
or negative trend.
astonishing accuracy, the Euroâ€™s drop stopped at the support specified in
yesterdayâ€™s report 1.1911, down to the pip! And then tried to reach 1.20, but it
settled for 1.1989. Breaking below 1.20 on Friday has opened the door for
guessing the long term targets in these areas, the question now is where are
these targets? In our opinion, we believe that there is one target, one point,
which stands out of the crowd, and that is 1.1211, which will be our target for
the next few weeks. The importance of this level is that it is the 61.8%
Fibonacci for the whole move from the historical low to the historical high. For
the short term, the wave count illustrated on the chart, shows a 4-wave drop, in
which yesterdayâ€™s â€śbreakâ€ť is wave 4, and we still have room for another leg down
below 1.1875, in what would be wave 5. Short term support is at 1.1932, and if
broken the Euro will continue its drop to 1.1825, and then 1.1754. The
resistance is at 1.1984, and breaking it will give the chance for the Euro to
catch a break, and rise to the important 1.2085 &
â€˘ 1.1932: the rising trend line from
yesterdayâ€™s low on intraday charts.
â€˘ 1.1825: Feb 27th 2006 low.
Dec 6th 2005 low/
â€˘ 1.1984: important intraday
â€˘ 1.2085: Fibonacci 61.8% for the last drop from 1.2214.
the top of the falling channel on the 4-hour
The Dollar/Yen held above
the support specified in yesterdayâ€™s report 90.90 (yesterdayâ€™s low was 90.96),
and it rose to break the resistance 91.59, and stopped before the suggested
target 92.15 with only 8 pips! This surely indicates the importance of this
level, which we will adjust today with a single pip to 92.14. This resistance
will be in the center of our attention. On the other hand, the support is at
91.54, provided by the rising trend line from 90.96 on the hourly chart. If the
price manages to hold above this support, we believe in its ability to test
Fridayâ€™s top and the important 92.95, if not today, then later in the week. But
definitely, we need a break of 92.14 first, and if e get what we need, then the
price will be on the way to test the important 92.95 first, then 93.70. But if
the price retreats, and broke the rising trend line (currently running at
91.54), we will drop to the important Fibonacci levels: the important 90.90, and
the more important 90.44.
â€˘ 91.54: the rising trend
line on the hourly charts.
â€˘ 90.90: Fibonacci 50% level for the rising move
â€˘ 90.44: Fibonacci 61.8% level for the rising move from
â€˘ 92.14: Fibonacci 61.8% for the short
â€˘ 92.95: May 18th high.
â€˘ 93.70: Apr 14th
---Forex Trading Analysis written by Munther Marji for
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should carefully consider whether trading is suitable for you in light of your
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