Forex News Blog
Back to The Headlines
Monday September 6, 2010 - 11:52:25 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 06/09/2010
ForexPros Daily Analysis September 06, 2010
The Euro benefited from the US jobs report to approach 1.29 on Friday,
and penetrated it after the market opened again last night. It seems
like the Euro is targeting the top of the rising hourly channel which is
illustrated on the attached chart. This top is at 1.2920, which is also
Aug 18th high. When we take look at the hourly chart, we can spot an
interesting support at 1.2777. This support is formed by Aug 27th high,
and on Thursday, the price stopped 3 pips below it during the Asian
session and 2 pips above it during the European sessions, which adds to
its importance. Moreover, the rising trend line from Aug 31st low is now
at 1.2837, providing the most important short term support. So, we will
be in a neutral zone between 1.2920 & 1.2837, waiting for a break!
If we break the resistance 1.2920, nothing will stop the Euro from
reaching 1.3000, then the most important short term resistance 1.3047.
On the other hand, support is at 1.2837, and if broken, we will drop to
test the important 1.2777, and if broken, a strong drop will target
â€¢ 1.2837: the rising trend line from Aug 31st low.
â€¢ 1.2777: last weekâ€™s top, Aug 27th high, an obvious hourly support, and
the rising trend line from Aug 31st low on the hourly chart. The single
most important short term support without a shadow of a doubt.
â€¢ 1.2676: the bottom of the rising channel on the hourly chart.
â€¢ 1.2920: the top of the rising trend channel on the hourly chart, and
Aug 18th high.
â€¢ 1.3000: psychological level.
â€¢ 1.3047: Fibonacci 61.8% level for the drop from the 4-month high of
The Pound jumped after the market open and went back to test the
important resistance area 1.5480/90, which was tested on the first day
of this month, and dropped from there with more than 100 pips at that
time. This area is formed between the short term Fibonacci 61.8% level
at 1.5480, and Sep 1st high. Will the price break it or will it
frustrate it again just like it did 5 days ago? We strongly believe that
the reaction from this area is the single most important thing that
will determine the direction for the next few hours. If we break it (And
here we prefer a break of the top of the area at 1.5490, not the Fibo
level at 1.5480), the price will jump to 1.5565, and may be later to
1.5669. On the other hand the support is at 1.5442, and breaking this
level would mean we are getting far from the important 1.5480/90, and a
new drop will start. The targets for such a drop are 1.5349, and 1.5262.
everything depends on the reaction from the all important 1.5480/90.
â€¢ 1.5442: the rising trend line from Fridayâ€™s low on intraday charts.
â€¢ 1.5349: Thursdayâ€™s low.
â€¢ 1.5262: Jul 5th high.
â€¢ 1.5490: the top of the resistance area formed between Fibonacci 61.8%
short term & Sep 1st high.
â€¢ 1.5565: the falling trend line from Aug 16th high.
â€¢ 1.5669: Aug 19th important top.
trading analysis written by Munther
Marji for Forexpros.
Trading Futures and Options on Futures and Cash
transactions involves substantial risk of loss and may not be suitable
all investors. You should carefully consider whether trading is suitable
you in light of your circumstances, knowledge, and financial resources.
may lose all or more of your initial investment. Opinions, market data,
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 23 July 2018
AA: Major, A: High, B: Medium
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final University of Michigan
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.