Forex618.net daily currency report

forex618 · Newbie Joined: Oct 19, 2006 Posts: 4

Daily Currency report for Thursday October 19 2006

This is only a guide. Please refer to our specific entry signals for exact entries and stops.

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This Week's Economic Calendar
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Date ET Release For Actual Briefing.com Consensus Prior Revised From
Oct 16 08:30 NY Empire State Index Oct 13.0 12.0 13.8
Oct 17 08:30 PPI Sep -0.8% -0.6% 0.1%
Oct 17 08:30 Core PPI Sep 0.3% 0.2% -0.4%
Oct 17 09:00 Net Foreign Purchases Aug NA $50.0B $32.9B
Oct 17 09:15 Industrial Production Sep -0.2% 0.0% -0.1%
Oct 17 09:15 Capacity Utilization Sep 82.2% 82.3% 82.4%
Oct 18 08:30 CPI Sep -0.3% -0.3% 0.2%
Oct 18 08:30 Core CPI Sep 0.2% 0.2% 0.2%
Oct 18 08:30 Housing Starts Sep 1640K 1650K 1665K
Oct 18 08:30 Building Permits Sep 1685K 1715K 1727K
Oct 18 10:30 Crude Inventories 10/13 NA NA 2408K
Oct 19 08:30 Initial Claims 10/14 310K NA 308K
Oct 19 10:00 Leading Indicators Sep 0.3% 0.3% -0.2%
Oct 19 12:00 Philadelphia Fed Oct 8.0 6.5 -0.4

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.2625

Resistance levels: 1.2580-1.2620

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after an entry signal.

Medium term: The Euro has dropped below immediate support at 1.2670, but remains in the broader 1.2450 - 1.2950 range which has dominated since June. This means range trading should continue until the Euro breaks out one way or the other.

Today: Little change after four terribly quiet days this week. Momentum remains extremely slow, but bearish, and we are close to the medium term range support level at 1.2450. We shall allow for more work above here today, followed by possibly a sharp rally higher. As our model remains bearish below 1.2625, we will be looking for topping activity in that area. Until then, buy dips above 1.2450.

EUR/USD Hourly chart:

EUR/USD Weekly chart:

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