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Tuesday November 2, 2010 - 10:21:04 GMT
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Forexpros - www.forexpros.com
Forexpros Daily Analysis - 02/11/2010
ForexPros Daily Analysis
November 02, 2010
Pound Trying to Break Range, Yen Near
All Time Low
euro is in a range, in a wedge. The range is narrowing into a wedge.Euro is
holding extension long setup at 1.3748, with target at 1.4355.Larger multi year
short at 1.3396, is acting as resistance. Near a clear break of 1.416 or 1.369
On a 15 min chart, euro holding a dirty long (setup broke in
its previous measured move long). Target is
Looks stronger than the
euro, and is knocking at the top of its range. Pound is in long setup at 1.5704,
with target at 1.6297, which coincides with target of longer term long from
1.539. The multiyear short, 61.8% line at 1.5967 has acted as strong
On 15 min chart, the pound has been in measured moves longs and
is currently holding and front running the long at 1.5983, with target at
Yen hit new yearly low at
80.23 and close to breaking all time lows at 79.7. This is a major area of
support and we must remain alert for possible Bank of Japan intervention. Trade
carefully.On the 15 min chart. In measured moves short, off 50% at 80.75, target
at 80.116. Larger 50% at 81.108, with target at
---Forex trading analysis written by Diana Rochford for
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.
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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.
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