Thursday, Jul 24, 07:21 GMT
EUROPEAN Trading Newsletter
Featured
Featured Forex DVDs
FXstreet.com DVD Series − Support and Resistance Trading by Rob Booker and Dave Murphy
In this 2−DVD set, Rob Booker and Dave Murphy guide you through the powerful and easy−to−use trading techniques that have made their FXstreet.com blog one of the most popular forex blogs on the web. Step−by−step, you will learn to set up trades on any currency pair, on any time frame chart. All the trading setups that you will learn come with examples, and full descriptions of why the setups work.
To Get Started
- FXstreet.com International Traders Conference: Early Bird Discount extended until July 31st! Register before it's too late
- Webinar VIDEOS: Institutional Trading Strategies: The ABCs of Fibonacci by Andrei Pehar
- Real−Time Economic Calendar: Be notified straight into your RSS reader when a new event is released
- When Big Banks will announce next rates decisions? Check it in the World Interest Rates table
- Indicator Charts - NEW SECTION!: 70 technical indicators with fully customizeable settings
Note that our messages might be blocked by anti-spam filters so please add newsletter@fxstreet.com or our domain (fxstreet.com) to your address book.
Forex Blogs
FX Path: Support and Resistance − Which Method is Best? by James Chen
Whether you are a technical trader, a fundamental trader, or something in−between, chances are that you follow support/resistance principles at least to some degree in your Forex trading.
More Blogs
- The disciplined trader: Trading Involves Two People: You and You by Pierre Charlebois
- The Advisor Weblog: How to determinate supports and resistances by Valeria Bednarik
Live Sessions Schedule
Tracking the forex market together / Part I
Expert: Dr.S.Sivaraman
Start: Thu, Jul 24, 10:00 GMT
Type of Session: Webinar
How to Get Started Trading Forex
Expert: Mark Whistler
Start: Thu, Jul 24, 15:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Thu, Jul 24, 10:00 GMT | Tracking the forex market together / Part I | Dr.S.Sivaraman | WBN |  |
| Thu, Jul 24, 12:00 GMT | US Pre−Market Open  | Ed Ponsi | WBN | |
| Thu, Jul 24, 13:30 GMT | US Session Open | Ed Ponsi | WBN | |
| Thu, Jul 24, 14:00 GMT | Tracking the forex market together / Part II | Dr.S.Sivaraman | WBN | |
Current Session: Europe
EUR/USD
Forex Technical Analysis − EUR/USD: (1.5699) Double top off 1.5782 by KBC Bank
Drop from 1.6040 broke below daily channel bottom off 1.5302 (1.5864 today) and Double Top off 1.5782 (see graph): 1st Support area at 1.5671/ .5662 (current reaction low off 1.6040/ 50% 1.5285 to 1.6040), with next levels at 1.5644/ .5625 (23.6% 1.4365 to 1.6040 + broken monthly channel top off 2005 low/ daily envelope bottom + daily Bollinger bottom) and 1.5611 (July 07 low): tough on 1st attempts.
- EUR/USD opens channel trade by Rob Booker, currency trader
- Support and Resistance Trading DVD by Rob Booker. Discover his powerful trading strategies and techniques!
- Using fibonacci retracements to identify support and resistance by John Jagerson, Founder Profiting With Forex
- Check out how pairs moved: Live Currency Rates & Charts
Other Topics for this Session:
Daily Market Commentary − The dollar surged on Tuesday by Global Forex Trading
Banks' Analysis
Today's Technical Trading Points by Danske Bank A/S
Daily Technical Analysis − EUR: Attempt small longs at 1.5695; stop below 1.5600 by Mizuho Corporate Bank
Forex Trading Strategies − NZD crumbles on RBNZ rate cut and dovish guidance by Saxo Bank
Weekly Outlook
Weekly Forex Focus by Trading Central
Currency Performance Report
Currency Performance Report − Asia Session Performance by FXstreet.com
FX Analysts' Blogs
Calm before the storm expected from European session by Dr. S. Sivaraman, of i−knowindices.com
Currencies at a Glance
- EUR/USD
- Trades around opening price level 1.5695 , below pivot level 1.5721
07/24/2008 07:01 GMT - GBP/USD
- Moves down below pivot level 1.9974
07/24/2008 07:02 GMT - USD/CHF
- Trades around opening price level 1.0376 , above pivot level 1.0354
07/24/2008 07:02 GMT - USD/JPY
- Trades above pivot level 107.67
07/24/2008 07:03 GMT
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, Global Forex Trading, Mizuho Corporate Bank
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Top Market Movers Preview
Germany IFO − BUSINESS CLIMATE
| Date (GMT) | Event | Cons. | Previous | |
| Jul 24 | 08:00 | IFO − Business Climate | 100.2 | 101.3 |
EMU economic indicators - German ifo business climate (July): down by BHF−Bank
In July, the German ifo business climate index will probably have continued deteriorating. The US ISM manufacturing index improved slightly, but the German ZEW economic sentiment plummeted. Moreover, the euro has remained strong and the German yield spread has deteriorated recently, as long−term interest rates have gone down and short−term ones up. The crude oil price has soared and the DAX performance index has decreased.
[ Full Story ]Top Market Movers Review
Japan MERCHANDISE TRADE BALANCE TOTAL
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 23 | 23:50 | Adjusted Merchandise Trade Balance | ¥135.4B | ¥270.0 | ¥642.3B |
| Jul 23 | 23:50 | Merchandise Trade Balance Total | ¥138.6B | ¥506.0B | ¥365.6B |
Japan trade surplus falls 88.9 pct in June; exports down for 1st time in 55 mths (Thomson Financial News)
Japan's merchandise trade surplus tumbled 88.9 percent to 138.6 billion yen ($1.3 billion) in June from a year earlier as surging prices of crude oil and other commodities lifted imports while exports fell for the first time in four and a half years due to slower overseas demand, the Ministry of Finance said on Thursday. The surplus was way below the 450 billion yen that economists had expected, according to a survey by Thomson IFR Markets.
[ Full Story ]- Read the Trade Statistics report at Japan Ministry of Finance
- Japan trade figures with Asian countries in June (Thomson Financial News)
- Japan June trade figures with Asia, US and EU (Thomson Financial News)
New Zealand RBNZ INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 23 | 21:00 | RBNZ Interest Rate Decision | 8.00% | 8.25% | 8.25% |
UPDATE 1−NZ cenbank cuts rates, sees further easing (Thomson Financial News)
New Zealand's central bank cut interest rates for the first time in five years on Thursday, and said further reductions were likely to counter a rapidly slowing economy, sending the currency sharply lower. The market had been split ahead of the decision, which came as recent data suggested the economy is likely in recession but also suffers surging inflation. The Reserve Bank of New Zealand (RBNZ) cut its cash rate by a quarter percentage point to 8 percent, after being on hold for a year, saying the downturn in activity would gradually dampen rampant inflation pressures.
[ Full Story ]- Read the Official Cash Rate decision report at Reserve Bank of New Zealand
- NZ dollar at 6−month low, debt rallies on rate cut (Thomson Financial News)
- INSTANT VIEW−NZ cenbank cuts rates to 8 pct, kiwi tumbles (Thomson Financial News)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jul 23 | 18:00 | US | Fed's Beige Book | |||
| 21:00 | NZ | RBNZ Interest Rate Decision | 8.00% | 8.25% | 8.25% | |
| 23:50 | JP | Adjusted Merchandise Trade Balance (Jun) | ¥135.4B | ¥270.0 | ¥642.3B | |
| 23:50 | JP | Merchandise Trade Balance Total (Jun) | ¥138.6B | ¥506.0B | ¥365.6B | |
| Jul 24 | 07:30 | DE | PMI Manufacturing (Jul)  | 52.0 | 52.6 | |
| 07:30 | DE | Purchasing Manager Index Services (Jul) | 51.5 | 52.1 | ||
| 08:00 | EMU | Current Account n.s.a (May) | -9.2B | |||
| 08:00 | EMU | Current Account s.a (May) | -0.3B | |||
| 08:00 | DE | IFO − Business Climate (Jul) | 100.2 | 101.3 | ||
| 08:00 | DE | IFO − Expectations | 93.2 | 94.7 | ||