Forex News Blog
Back to The Headlines
Thursday July 8, 2010 - 09:52:00 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 08/07/2010ForexPros Daily Analysis July 8,
Analysis: German CPI
European traders anticipate the publication
of the German CPI. The index measures the changes in the price of goods and
services. The CPI measures price change from the perspective of the consumer. It
is a key way to measure changes in purchasing trends and inflation in Germany. A
higher than expected reading should be taken as positive/bullish for the EUR (as
the common way to fight inflation is raising rates, which may attract foreign
investment), 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 1.2603, and successfully reached the
first suggested target 1.2681 with a very good accuracy since yesterdayâ€™s high
was 1.2686. The most important technical event, was touching the top of the
rising channel on the hourly chart for the third time during the Asian session,
after touching it for the first time on Friday, and the second on Tuesday. We
could be before an important turning point at 1.2686, but until this moment we
have not got far from the top of the channel. We should carefully watch the top
of this channel, which is at 1.2690 currently. We will not be able to escape the
fact that a break here will be a very positive signal for both the short &
medium terms. But, if we keep trading below this top, we could be facing a
turning point which will probably lead to a drop of hundreds of points. Short
term support is at 1.2644, and once we break it, we will start drifting away
from the channel top, and will target 1.2552, and may be 1.2442. The resistance
is at the channel top at 1.2690. If this broken, we will target 1.2801 first,
and may be 1.2906 before the end of the week.
1.2644: Asian session low.
â€¢ 1.2552: yesterdayâ€™s low.
â€¢ 1.2442: May 18th
â€¢ 1.2690: the top of the falling channel on
â€¢ 1.2801: May 11th high.
â€¢ 1.2906: previous well known
waiting finally paid, as we finally saw the Dollar/Yen sharply bouncing as we
have expected, and as we have been waiting for. The Dollar/Yen broke the
resistance specified in yesterdayâ€™s report 87.72, only to reach 88.44 (the high
at the moment of preparing this report). This sharp bounce came as no surprise,
with the consolidation around 88, and after bouncing from the support area shown
on the hourly chart below, and after clearly breaking the falling trend line
from June 21st top. Short term support is at 88.19, and breaking it would
indicate a continuation of the drop to 87.35 & 86.47. The resistance is at
88.51, and breaking it would mean that the Dollar is about to capitalize on the
break of the above mentioned trend line, which will ideally target short term
Fibonacci levels: 89.20 & 89.73. This pair is going as expected, in the
expected direction, and in convergence with our negative technical outlook for
the medium term. We absolutely expect the fall to continue on the medium term.
But we should not neglect the enormous possibilities of a bounce up targeting
Fibonacci levels: a bounce is highly probable, even if it was a temp, but the
trend is down without a shadow of a doubt!
â€¢ 87.35: an obvious support area on the hourly chart, and Dec
9th 09 low.
â€¢ 86.47: previous well known
â€¢ 88.51: previous well known
â€¢ 89.20: Fibonacci 50% for the drop from 91.45.
Fibonacci 61.8% for the drop from 91.45.
---Forex trading analysis written
by Munther Marji for Forexpros.
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Register To Test Your Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 18 October 2017
Register for the Amazing Trader
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.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
TRADER ADVOCACY ARTICLES
Trader's Advocate Articles..