Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Currency Traders Look to German ZEW Economic Sentiment Report

Currencies / Forex Trading Dec 14, 2009 - 04:45 AM GMT

By: ForexPros

Currencies

German traders await publication of the ZEW Economic Sentiment Report, which will be released tomorrow (Dec 14).
The report determines sentiment among German institutional investors, with analysts expecting a slight increase from last month's 50.10 to 50.20.


The Economic Sentiment Report is a leading indicator of business conditions. The reading is concluded from survey of about 350 German institutional investors and analysts.

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

Euro Dollar

The Euro surpassed the resistance 1.4734 but stopped very close to Wednesday’s high, before reversing, and breaking the support 1.4692, and then reaching the first suggested target 1.4610. The rising trendline from Tuesday’s low (and the lower limit for the supposed triangle pattern) is currently very close to Fibonacci 61.8% for the short-term at 1.4701. This makes this double resistance the most important, and only breaking it would improve the technical outlook for the Euro. If broken, we will enter a correction for the whole drop from 1.5139, which will target 1.4796 at least, and probably 1.4826. As for the support it is at 1.4656 and breaking it would mean that the rising correction from Friday’s low is probably over, and that would target 1.4597 and then 1.4510.

Support:
• 1.4656: rising trendline on the intraday charts.
• 1.4597: important intraday low from Friday.
• 1.4510: previous support area that includes several daily lows.

Resistance:
• 1.4701: Fibonacci 61.8% for the short-term, and the lower trendline in the supposed triangle formation that was broken on Friday.
• 1.4796: Fibonacci 38.2% for the drop from 1.5139.
• 1.4826: Fibonacci 50% for the drop from 1.5139.

USD/JPY

Dollar-Yen broke the resistance 89.05 and successfully reached the first target 89.45, then came close to 90, settling for 89.79. this morning the price dropped to 88.36 again, to find the trendline that we introduced in the past few days providing it with support. That was the 4th time the price encountered this line, which clearly means it deserves our attention. That is why we will consider it as support of the day, and it is currently running at 88.43. If it’s broken, the drop from 89.79 will continue and the next pair of targets will be Fibonacci support levels at 87.78 & 87.08. As for the resistance, it is provided by the falling trendline from 89.79 on the intraday charts, which is currently at 88.87. And if broken, another 89.45 visit will be expected, and if this is also broken, we will jump to 90.08 at least.

Support:
• 88.43: a trendline that touched price 4 times.
• 87.78: Fibonacci 50% for the whole move from 84.81 to 90.75.
• 87.08: Fibonacci 61.8% for the whole move from 84.81 to 90.75.

Resistance:
• 88.87: the falling trendline from Friday’s top on the intraday charts.
• 89.45: Fibonacci 61.8% for the short-term.
• 90.08: hourly resistance.

Analysis by: http://www.Forexpros.com - Written by Munther Marjifor Forexpros

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading tools which provides brokers, traders and everyone involved in the financial market with an all-round guide to Forex.

Copyright © 2009 by ForexPros.com All rights reserved.

Disclaimer: 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.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in