Jump to content

  • Log in with Facebook Log in with Twitter Log In with Google Sign In
  • Create Account
Welcome to Top Gold Forum
Register now to gain access to all of our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, post status updates, manage your profile and so much more. If you already have an account, login here - otherwise create an account for free today!

Toggle shoutbox Shoutbox Open the Shoutbox in a popup

@  johnladong : (28 June 2016 - 08:08 PM)

hi. Dennis and all others. Nice been here

@  Dennis : (28 June 2016 - 03:43 PM)

@surender144 Welcome on Top Gold Forum

@  surender144 : (28 June 2016 - 10:08 AM)

hi i am new

@  2play : (28 June 2016 - 05:43 AM)

Good Morning everyone.. enjoy your day!

@  Dennis : (27 June 2016 - 08:16 AM)

Good morning @2play

@  2play : (27 June 2016 - 05:30 AM)

I am good @dennis , have a great day everyone!

@  Marco : (25 June 2016 - 08:34 AM)

IFC Market

@  Dennis : (25 June 2016 - 05:41 AM)

Morning everyone

@  agrawalmadhu... : (24 June 2016 - 01:53 PM)


@  agrawalmadhu... : (24 June 2016 - 01:53 PM)


@  Dennis : (23 June 2016 - 08:05 AM)

Morning 2play. Hows your day?

@  2play : (23 June 2016 - 06:31 AM)


@  Dennis : (22 June 2016 - 06:55 AM)

Good morning and have a great day.. Whats your plan for today ?

@  2play : (22 June 2016 - 05:52 AM)

Morning to All..

@  恒亮 : (22 June 2016 - 05:36 AM)


@  jbrian88 : (21 June 2016 - 09:55 PM)

Hello Frnds am so Happy to be Here wit u guyz

@  Rajesh : (21 June 2016 - 02:01 PM)

Morning to all

@  Dennis : (21 June 2016 - 09:51 AM)

How is your day?

@  Dennis : (21 June 2016 - 08:23 AM)

Morning guys and gals

@  Fx Mental : (21 June 2016 - 08:11 AM)




Forexpros Daily Analysis - 08/02/2010

  • Please log in to reply
No replies to this topic



    Advanced Money Maker

  • Members
  • 367 posts
ForexPros Daily Analysis February 8, 2010


Free webinar on ForexPros - Mapping Out the Banking System & Foreign Exchange Dealing Process, Part II.

Expert: Dan Cook
When: Wed, Feb 24, 2010, 11:00 EST

In the second installment of the Webinar Mapping Out the Banking System & Foreign Exchange Dealing Process, Dan Cook will take a deeper dive into the Foreign Exchange Market. Cook will start by discussing the interbank system and how it differs in form and functionality to the centralized exchange models used for trading stocks and commodities. From there, he will focus on broker-level dealing and discuss how retail brokers, whether ECN's or Dealing Desk models, make money.

Cook will also take an inside look at dealing desks and speak frankly about the roles and responsibilities of a retail dealing desk, which will include an overview of how brokers hedge currency exposure. The goal of this Webinar is to help traders understand the nuances of the Forex market by shedding light on many of the aspects of currency trading that have previously been shrouded in mystery.

Click here to join free.


Fundamental Analysis: German CPI

European traders look forward to the publication of the German Consumer Price Index (CPI) tomorrow, February 9. 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 no change in the future reading, a rate of -0.60%.


Euro Dollar

The Euro came very close to the 4-hour channel on Friday, after breaking the support specified in the report, and the drop stopped only 2 pips before the first suggested target 1.3852. With this move taking us close to the channel bottom, and then a fast bounce reaching 1.3666, the odds of an upside correction remains present, but we need a break of 1.3666 before we can say the odds favor that. Short-term resistance is at 1.3666, and breaking it would indicate that the price is already moving higher after the drop we witnessed last week, even if that was only for a short term correction. The targets for such a correction would be 1.3752 & 1.3805. While the support is at 1.3620, and breaking it would bring back Fridays target under the spotlight: 1.3582 & 1.3516.

1.3620: the falling trend line drawn from Jan 21st bottom (1.4027) on the hourly chart.
1.3582: Apr 6th high.
1.3516: Apr 2nd high.

1.3666: short term resistance.
1.3752: Fibonacci 38.2% for the last drop from 1.4025.
1.3805: Fibonacci 50% for the last drop from 1.4025.



The Pound dropped in a free fall after breaking the support specified in Fridays report 1.5690, and reached the target 1.5614 successfully. This morning, a new bottom was reached at 1.5532. It seems that this sharp trend is not tired yet, especially after breaking the falling trend channel to the downside, which contributed to this sharp drop. Thus, we will maintain a negative outlook, as long as the price is trading below the bottom of the channel which is at 1.5704 currently. And even though the price is far from this level at the moment, we will consider this to be resistance of the day, and only if it is broken that we will change our long held negative outlook. If this surprise happens, and we break 1.5704 we will target short term Fibonacci retracement levels 1.5800 & 1.5862. As for the support it is at the nearby 1.5543, and breaking it would indicate that this Dollar tornado will not stop soon, targeting 1.5445 & the important 1.5350.

1.5543: intraday support.
1.5614: Nov 28th 2008 high.
1.5512: May 12th high.

1.5704 the bottom of the falling broken trend channel.
1.5800: Fibonacci 50% for the last drop from 1.6067.
1.3863: Fibonacci 61.8% for the last drop from 1.6067.


Forex Trading Analysis written by Munther Marji for ForexPros.

For information on
currency trading see 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.
Forexpros.com - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved
Technical Studies Section.