Friday, May 22, 07:44 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: Conquering Fear and Greed: How to Deal With Emotions When Trading by Markus Heitkoetter
- All the events of the day in our Economic Calendar
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Forex Blogs
The Trader's Edge: EUR/CAD Trade Analysis by Ross Yamashita
Looking at the EUR/CAD 5 minute chart, we see that we have a movement up and am currently in an apparent retracement down. We have drawn in our trend lines − look for the currency pair to test the bottom trend line and then turn to the upside. If the pair closes and breaks away from the upper trend line, the next resistance will be at the high of 1.5848.
Forex Trading Today: AUD/USD and EUR/GBP Looks for Continued Appreciation by Tim Salem
CEO's Weblog: Crown Forex S.A indentifies law violations practiced by FINMA’s investigation committee by Francesc Riverola
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Live Sessions Schedule
Understanding Bias and Generating Objective Bias
Expert: Steve Beaumont
Start: Fri, May 22, 10:00 GMT
Type of Session: Webinar
FX Market Pulse
Expert: Raghee Horner
Start: Fri, May 22, 13:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Fri, May 22, 08:00 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 |  |
| Fri, May 22, 10:00 GMT | Understanding Bias and Generating Objective Bias | Steve Beaumont | WBN | |
| Fri, May 22, 13:00 GMT | FX Market Pulse | Raghee Horner | WBN | |
Current Session: Europe
GBP/USD
May 22, 07:12 GMTGBP/USD: Bullish Sentiment flows into tight Hourly Consolidation
FXstreet.com Independent Analyst Team − Bullish Sentiment flows into tight Hourly Consolidation, as Price accumulates within the 1.5807 Hourly 20SMA/Dynamic Support Confluence, and the 1.5892 Daily Static Resistance Level. Downside Corrective Risk sees a Breach of the Daily Pivot at 1.5751, and sees 1.5682 dynamically down to 1.5613 Static Support.
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EUR/USD
Forex Chartist Technical Analysis − Euros have strengthened this morning and touched 1.3955 by Charmer Charts.com
Euros have strengthened this morning and touched 1.3955. You have support located at 1.3896 and if gains cannot be maintained above here buyers would question longs, and sellers would take control.
USD/JPY
Forecast on USD Majors − The patterns are giving as a price target of 93.10 or even 92.00 by Precise Trader
The Hourly Trend is Sideways Down and Daily Trend is also Sideways Down, expect the price to make lower lows and even choppy as the downside may be limited. The patterns are giving as a price target of 9310 or even 9200.
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
UK GROSS DOMESTIC PRODUCT
| Date (GMT) | Event | Cons. | Previous | |
| May 22 | 08:30 | Gross Domestic Product (QoQ) | -1.9% | -1.9% |
| May 22 | 08:30 | Gross Domestic Product (YoY) | -4.1% | -4.1% |
Friday Notes - UK, GDP Widespread weakness by UniCredit Group
The second release of Q1 GDP should confirm the economy contracted by 1.9% q−o−q. The expenditure breakdown is likely to show that weakness was wide−spread, with both private consumption and investment possibly shrinking at a faster pace than in Q4 and stock depletion exacerbating the descent.
[ Full Story ]Top Market Movers Review
Japan BOJ INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| May 22 | 04:00 | BoJ Interest Rate Decision | 0.1% | 0.1% | 0.1% |
BoJ keeps rates at 0.10% (FXstreet.com)
BOJ raises economic assessment for 1st time in 3 years, while policy board votes unanimously to keep rates at 0.10%. Comes after economy suffered record contraction in 1Q; "Economic conditions have been deteriorating, but exports and production are beginning to level out against a backdrop of progress in inventory adjustment both at home and abroad," BOJ says; speculation might grow now that bank could change policy stance before too long.
[ Full Story ]Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| May 21 | 23:00 | US | Philadelphia Fed's Plosser speech | |||
| May 22 | 04:00 | JP | BoJ Interest Rate Decision | 0.1% | 0.1% | 0.1% |
| 05:00 | JP | Coincident Index (Mar) | 85.1% | 84.9% |
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| 05:00 | JP | Leading Economic Index (Mar) | 76.3 | 76.6 | ||
| 08:30 | UK | Gross Domestic Product (QoQ) (1Q)  | -1.9% | -1.9% | ||
| 08:30 | UK | Gross Domestic Product (YoY) (1Q) | -4.1% | -4.1% | ||
| 08:30 | UK | Index of Services (Mar) | -1.2% | -1.2% | ||
| 12:30 | CA | Retail Sales (MoM) (Mar) | 0.5% | 0.2% | ||
| 12:30 | CA | Retail Sales ex Autos (MoM) (Apr) | -0.1% | 0.6% | ||
| 18:00 | US | Fed's Bernanke Speech | ||||
Educational Resources
A channel is a figure of high reliability, formed by two parallel trend lines at its borders. There are different kinds of channels, but they mostly work the same way. Check Valeria Bednarik's Technical Basic Lesson !
Related Resources
Advanced Indicator Manual - Price Channels by Doug Schaff
Q&A Transcripts - Trading with Bands and Channels by Robert Firestone
Q&A Transcripts - Trading with Channels by Valeria Bednarik