Forex News Blog
Back to The Headlines
Wednesday September 15, 2010 - 10:28:00 GMT
Share This Story
Forexpros - www.forexpros.com
Forexpros Daily Analysis - 15/09/2010
ForexPros Daily Analysis September 15, 2010
The Euro jumped strongly yesterday, even though it initially broke the
support specified in yesterdayâ€™s report. We broke the important level
specified in yesterdayâ€™s report 1.2920, and successfully reached the
first suggested target of 1.3000. We have seen the EURUSD jumping more
than 100 pips above the massive 1.2920, this shows that even when they
are broken, important levels provide good trading opportunities just as
when they hold and reverse the trend. During the Asian session the Euro
dropped to create a correction of 38.2% of yesterdayâ€™s jump. It stopped
with astonishing accuracy at the short term Fibonacci 38.2% level,
bottoming at 1.2954, just 1 pip above the Fibo level. This will be our
support for today, and if broken, we expect the drop which has gained 80
pips so far to go on. Targets will be 1.2886 & 1.2764. On the other
hand, yesterdayâ€™s rise almost made it to the all important medium term
61.8% Fibonacci level at 1.3047. this is the most important resistance
level for now, if broken we will be on the way to levels above 1.31, the
most important of which are 1.3118 & 1.3194.
â€˘ 1.2954: Asian session low & short term Fibonacci 38.2% level.
â€˘ 1.2886: the rising trend line from Fridayâ€™s low on the hourly chart.
â€˘ 1.2764: Sep 9th high.
â€˘ 1.3047: Fibonacci 61.8% for the medium term. The most important
resistance level at the moment.
â€˘ 1.3118: Aug 5th low.
â€˘ 1.3194: Aug 2nd high.
All the major Yen pairs jumped together during the Asian session,
gaining more than 2.5% each, which fueled speculation that the Japs have
done it! Shortly after that, in a quickly arranged news conference,
finance minister (Noda) confirmed it and said: â€śyes, we have
intervenedâ€ť! Finally ladies & gentlemen, here is your long awaited
intervention. The Japanese authorities have had it after they saw 82
appears on the screens for the first time since 1995. A lot of people
would now argue that this is not the time for technical analysis, but
the intervention only takes a short period of time to be completed, then
things go back into the hands of the market powers. This intervention
has caused the price to break the falling trend line from June 4th top
on the hourly chart, which resulted in reaching 85. Now, this surge has a
huge barrier in front of it, which is 85.89! This is where the falling
trend line from May 5th top is running currently. If broken, the price
will fly, targeting 86.81 & 87.56. On the other hand, the support is
at 84.25, and if broken we will drop to the important 83.73, then
â€˘ 84.25: Fibonacci 38.2% for the short term.
â€˘ 83.73: Fibonacci 61.8% for the short term.
â€˘ 82.87: Sep 14th low, and the low for the last 15 years.
â€˘ 85.89: the falling trend line from May 5th top on the daily chart
â€˘ 86.95: Jul 1st low.
â€˘ 87.56: Jul 20th high.
The Pound jumped yesterday and broke the resistance specified in
yesterdayâ€™s report 1.5490, and reached the first suggested target for
this break at 1.5575 successfully. After it topped 10 pips above our
target then dropped hard for more than 100 pips. This is a sign of
exhaustion, and that breaking 1.5490, which we believe is very
important, only had a short term effect on the price behavior. This
morning we approached a critical short term support level which is
Fibonacci 61.8% for the latest rise from 1.5347 on Monday to 1.5585
yesterday. This level which is at 1.5438 is the most important support
for now. The drop stopped just 10 pips above it a few hours ago, and if
is broken, then the Pound has already topped medium term yesterday at
1.5585, and it will continue its drop targeting the very attractive
1.5326, and at a later time 1.5249. On the other hand, the Pound should
break the resistance 1.5533 to keep the chances of another jump alive.
If it succeeds, we expect it to target medium term important levels:
1.5646 & 1.5728.
â€˘ 1.5438: short term Fibonacci 61.8% level.
â€˘ 1.5326: Aug 31st low.
â€˘ 1.5249: Jul 23rd low.
â€˘ 1.5533: short term 61.8% Fibonacci level.
â€˘ 1.5646: Fibonacci 50% for the whole drop from Aug 6th top.
â€˘ 1.5728: Fibonacci 61.8% for the whole drop from Aug 6th 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."
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 23 October 2017
Register for the Amazing Trader
Amazing Trader EVENT RISK Calendar:
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.
- POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.
- POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.
- POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.
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..