Thursday, May 21, 07:28 GMT
EUROPEAN Trading Newsletter
To Get Started
- NEW: Live Webinars during the Asian Trading Session: Markets Commentaries at 5 and 6 GMT. Check our schedule!
- Learning Center: Chapter 4 of Unit A is now online: Trade the facts: consider price action. Read it now!
- Webinar Videos: Economic and Technical View of the Currency Market by Rob Booker
- All the events of the day in our Economic Calendar
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Forex Blogs
Forexology: Managing the Wolfe Wave by Sunil Mangwani
This is an example of a perfect trade setup of the Wolfe wave, which also displays the procedure of trade management. The trade occurred on the 15min chart and within the time frame that we traded it, I managed to capture some chart images that led to the fulfillment of the pattern.
Forex Trading Today: InterMarket Correlations Back In Check with Risk Appetite by Tim Salem
Trading for a Living: Is dollar due for a bounce? by David Aranzabal
Find other fellow traders to share your comments and market view in the FOREX FORUM
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Live Sessions Schedule
MONTHLY WEBINAR: Part 1 − Day Trading The US Forex Session
Expert: Steve Misic
Start: Thu, May 21, 13:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Thu, May 21, 13:00 GMT | MONTHLY WEBINAR: Part 1 − Day Trading The US Forex Session | Steve Misic | WBN |  |
| Thu, May 21, 15:00 GMT | MONTHLY WEBINAR: Part 2 − Building a Mechanical Forex Trading System  | Steve Misic | WBN | |
| Fri, May 22, 05:00 GMT | Asia−Pacific Trading Webinar | Abdul Khan | WBN | |
| Fri, May 22, 09:00 GMT | Advanced APF Methods To Determine The Price Momentum | Sunil Mangwani | WBN |  |
Current Session: Europe
GBP/USD: Bullish Sentiment flows into Hourly Consolidation
FXstreet.com Independent Analyst Team −Bullish Sentiment flows into Hourly Consolidation, as Price accumulates within the 1.5729 Dynamic Support and 1.5805 Daily Static Resistance Level. Downside Corrective Risk sees a Breach of the Hourly 20SMA @ 1.5710 and the Daily Pivot at 1.5659, as Price reaches Congestion at the Daily Static Support Level of 1.5525.
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EUR/USD
Currency on the Day − EURUSD: After such highs there should be a drop down by Forex−Trends.com
EURUSD after such highs there should be a drop down, but bulls doesn't let that to happen. The aim for the 1.4000 stays the same for this pair, however it is very quiet now.
USD/JPY
Daily Technical Analysis − Greenback Falls For Third day by CMS Forex
One of the lowest closes since February, adding weight to our view that we have formed an important interim high. Thin markets today through to Tuesday could see moves gather considerable pace, possibly gapping, to levels not seen since October/November
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
EMU PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Cons. | Previous | |
| May 21 | 08:00 | Purchasing Manager Index Manufacturing | 38.4 | 36.8 |
| May 21 | 08:00 | Purchasing Manager Index Services | 44.6 | 43.8 |
EMU economic indicators - PMI manufacturing indices Germany and EMU (May): improvement by BHF−Bank
The euro has appreciated and the crude oil price has increased. For similar reasons, the Purchasing Managers' Indices for the German and EMU manufacturing sector are likely to have improved in May.
[ Full Story ]Top Market Movers Review
US FOMC MINUTES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 20 | 18:00 | FOMC Minutes | - | - | - |
FOMC Minutes of meeting (FXstreet.com)
On FOMC Minutes from the Fed's April meeting, released today, showed that some Federal Reserve officials are open to raising the amounts of mortgage and Treasury securities purchase programs beyond the $1.75 trillion that they've already committed to buying.
[ Full Story ]- Read the Minutes data at Federal Reserve
Daily Market Report - Economic releases include U.S. Housing Minutes of April 29 FOMC Meeting by Wachovia
US economic indicators - FOMC minutes (29 Apr): adjusted projections for 2009 to 2011 by BHF−Bank
Friday Notes - FOMC minutes (april): Zero interest rate policy by UniCredit Group
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 21 | 01:30 | AU | New Motor Vehicle Sales (MoM) (Apr) | 0.9% | -3.3% |
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| 01:30 | AU | New Motor Vehicle Sales (YoY) (Apr) | -20.3% | -22.6% | ||
| 01:30 | AU | RBA Foreign Exchange Transaction (Apr) | 5.12B | 7.18B | ||
| 03:00 | NZ | Credit Card Spending (Apr) | -1.6% | -4.8% |
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| 07:30 | DE | Purchasing Manager Index Manufacturing (May) | 37.0 | 35.4 | ||
| 07:30 | DE | Purchasing Manager Index Services (May) | 44.3 | 43.8 | ||
| 08:00 | EMU | Purchasing Manager Index Manufacturing (May) | 38.4 | 36.8 | ||
| 08:00 | EMU | Purchasing Manager Index Services (May) | 44.6 | 43.8 | ||
| 08:30 | UK | M4 Money Supply (MoM) (Apr)  | 0.5% | 0.2% | ||
| 08:30 | UK | M4 Money Supply (YoY) (Apr) | 17.8% | |||