Monday, Feb 16, 08:38 GMT
EUROPEAN Trading Newsletter
To Get Started
- Webinar Videos: Strategies to Perceive and Defeat Forex Volatility through Traditional Indicators by Mark Whistler
- All the events of the day in our Economic Calendar
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Forex Blogs
FX Path: Forex Levels to Watch (Week of Feb 16−20, 2009) by James Chen
Here are some key forex support/resistance price levels to watch (breaks/bounces) for the upcoming week of February 16−20, 2009:
EUR/USD − Support 1.2705 / Resistance 1.3328
USD/JPY − Support 91.00 / Resistance 92.40
FxBootcamp: Weekly Pivot Points by Curt Wehrley
Find other felow traders to share your comments and market view in the FOREX CHAT
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Live Sessions Schedule
Understand & Use Fibonacci Ratios Effectively
Expert: Sunil Mangwani
Start: Mon, Feb 16, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
Tracking the forex market together / Part I
Expert: Dr.S.Sivaraman
Start: Mon, Feb 16, 12:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Mon, Feb 16, 10:00 GMT | Understand & Use Fibonacci Ratios Effectively | Sunil Mangwani | WBN | |
| Mon, Feb 16, 11:00 GMT | Professional Gaps vs Novice Gaps in the Forex Markets  | Sam Seiden | WBN |  |
| Mon, Feb 16, 12:00 GMT | Tracking the forex market together / Part I | Dr.S.Sivaraman | WBN | |
| Mon, Feb 16, 14:00 GMT | Tracking the forex market together / Part II | Dr.S.Sivaraman | WBN | |
Current Session: Europe
The week starts by trading lower as the downside is under renewed pressure
CMS Forex − The week starts by trading lower as the downside is under renewed pressure since breaking below 1.2850 support. Important support is formed at 1.2700/05 and a break may extend losses into the 1.2540/50 region. On the upside, resistance starts at 1.2800 followed by 1.2850 and 1.3. Hourly sentiment is bearish. Below 1.2700 will confirm the bearish momentum of the daily studies. Current quote is 1.2758 @07:15 GMT.
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Market Session Recaps − nice show of Yen strength by FOREX.com
USD/JPY's highs were early, 91.97 eroding into lows just near 91.40, a nice show of Yen strength as the poor GDP data was released and ignored.
Forex Trading Strategies − EURGBP saw a very interesting pivot yesterday by Saxo Bank
The outlook is bearish below this level, but the situation is muddled a bit by the move back above 0.8800, which was the old low. If the pair works its way below recent lows, we could be launching an attack at the 200−day moving average, currently down below 0.8300.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, i-knowindices.com, Mizuho Corporate Bank, MolFX - Management
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Top Market Movers Preview
Germany ZEW SURVEY − ECONOMIC SENTIMENT
| Date (GMT) | Event | Cons. | Previous | |
| Feb 17 | 10:00 | ZEW Survey − Economic Sentiment | - | -31 |
Friday Notes - The ZEW growth expectations now extend into the second half of the year by UniCredit Group
Contrary to the recent bleak hard data, numerous leading indicators around the globe are pointing slightly north at the beginning of the year. This is nurturing the hope that the economy will at least stabilize after mid−year. The ZEW growth expectations now extend into the second half of the year. Despite the strong increase already in January, the level remains well below the long−term average of over +25. For that reason, we also expect a substantial increase in the growth expectations in February.
[ Full Story ]Top Market Movers Review
Japan GROSS DOMESTIC PRODUCT ANNUALIZED
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Feb 15 | 23:50 | Gross Domestic Product Annualized | -12.7% | -11.7% | -1.8% |
Japan Oct−Dec Real GDP −3.3% Q/Q; Consensus −3.1% (Dow Jones)
Japan's economy shrank at its sharpest pace in over three decades in the final quarter of 2008, as the global financial storm and languishing overseas demand dealt a stunning blow to the export−driven economy. Gross domestic product fell by an inflation−adjusted 3.3% in October−December from the previous three months, or 12.7% on an annualized basis, data released Monday by the Cabinet Office showed.
[ Full Story ]- Read the GDP data at ESRI
- UPDATE 3−Japan economy dives most since 1974; outlook rough (Thomson Financial News)
- TOPWRAP 1−Japan GDP slumps, leaders look for alternatives (Thomson Financial News)
- UPDATE 1−Japan economy in biggest dive since 1974 (Thomson Financial News)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Feb 16 | 00:00 | US | President's Day Bank Holiday | |||
| 04:00 | JP | Tokyo Condominium Sales (YoY) (Jan) | -21.4% | -18.2% | ||
| 04:30 | JP | Capacity Utilization (Dec) | -11.8 | -9.4 | ||
| 04:30 | JP | Industrial Production (YoY) (Dec) | -20.8% | -16.6% | ||
| 13:30 | CA | Canadian Investment in Foreign Securities (Dec) | $2.613B | |||
| 13:30 | CA | Foreign investment in Canadian securities (Dec) | -$4.298B | |||
| 13:30 | CA | Manufacturing Shipments (MoM) (Dec) | -6.4% | |||
| 23:50 | JP | Tertiary Industry Index (MoM) (Dec) | -0.9% | |||
| Feb 17 | 00:30 | AU | RBA Meeting's Minutes | |||
| 06:00 | JP | Machine Tool Orders (YoY) (Jan) | -84.4% | |||