Monday, Aug 03, 07:36 GMT
EUROPEAN Trading Newsletter
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Forex Blogs
Forex Hedge: Currency Ranking by Ron Schelling
Another looking in ranking strength and weakness in the Currency ETF's. Remember these ETF's are all quoted in USDollar. On top the GBP/USD is holding strong for weeks while at the bottom we see the Mexican Peso remain weak.
FOREX VIDEO: Getting ready for Mondays trading by Phil Newton
FX Bootcamp: Weekly Pivot Points by Wayne McDonell
Sponsored by 
Live Sessions Schedule
Using Fibonacci ratios to manage your trades efficiently
Expert: Sunil Mangwani
Start: Mon, Aug 3, 09:00 GMT
Sponsored by: 
Type of Session: Webinar
Derek Frey's Outlook
Expert: Derek Frey
Start: Mon, Aug 3, 14:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Mon, Aug 3, 09:00 GMT | Using Fibonacci ratios to manage your trades efficiently | Sunil Mangwani | WBN | |
| Mon, Aug 3, 10:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Mon, Aug 3, 14:00 GMT | Derek Frey's Outlook | Derek Frey | WBN | |
| Mon, Aug 3, 16:00 GMT | Weekly Webinar: 1st on Forex − The Week Ahead | Jerry Furst | WBN |  |
Current Session: Europe
The best weekly close this year has pushed bullish momentum higher
Mizuho Corporate Bank − The best weekly close this year above the top of the ‘triangle' consolidation pattern has pushed bullish momentum higher. The measured target from the pattern is 1.7100 then 1.7500.
Strategy: Attempt longs at 1.6725 but only if prepared to add to 1.6600; stop well below 1.6450. First target 1.6600 and then this year's high at 1.6745.
EUR/USD
EUR/USD succeeded in achieving the awaited target at 1.4310 by ecPulse.com
The EUR/USD pair succeeded in achieving the awaited target at 1.4310, where it reversed to the downside in effect from the key resistance for the upside channel.
USD/JPY
USD/JPY: Expect the price to be Choppy until the breakout happens by Precise Trader
Hourly Trend is Sideways while 9560 holds and Daily Trend is also Sideways while 9330 holds, so expect the price to be Choppy until the breakout happens.
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 PURCHASING MANAGER INDEX MANUFACTURING
| Date (GMT) | Event | Cons. | Previous | |
| Aug 3 | 08:30 | Purchasing Manager Index Manufacturing | - | 47 |
Friday Notes - We expect a further moderate improvement for July by UniCredit Group
The PMIs have recorded a sizeable increase since May, with services' moving back above the 50 threshold for the first time in nearly a year. Yet, the negative services performance in 2Q (−0.6% qoq), as flagged in national account data, suggests that surveys' predictive power remains impaired. Still, we expect a further moderate improvement in both surveys for July.
[ Full Story ]Top Market Movers Review
Germany RETAIL SALES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Aug 3 | 06:00 | Retail Sales (MoM) | -1.8% | - | -1.3% |
UPDATE: German Retail Sales Plunge Unexpectedly In June (Dow Jones)
German retail sales plunged again in June, indicating that households are capping spending in light of the economic uncertainties and deteriorating labor market prospects.
[ Full Story ]Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Aug 3 | 01:30 | JP | Labor Cash Earnings (YoY) (Jun) | -7.1% | -2.5% |
|
| 06:00 | DE | Retail Sales (MoM) (Jun) | -1.8% | -1.3% |
||
| 06:00 | DE | Retail Sales (YoY) (Jun) | -1.6% | -2.9% | ||
| 07:30 | CH | SVME − Purchasing Managers' Index (Jul) | 44.3 | 41.8 | ||
| 07:55 | DE | Purchasing Manager Index Manufacturing (Jul) | 40.9 | |||
| 08:00 | UK | Halifax House Prices (MoM) (Jul) | -0.5% | |||
| 08:00 | UK | Halifax House Prices (YoY) (Jul) | -15% | |||
| 08:00 | EMU | Purchasing Manager Index Manufacturing (Jul) | 42.6 | |||
| 08:30 | UK | Purchasing Manager Index Manufacturing (Jul) | 47 | |||
| 14:00 | US | Construction Spending (MoM) (Jun) | -0.9% | |||
What is the purpose of the foreign exchange market?, or any trading market for that matter? It seems like a simple question with a simple answer. But this is in reality a world of complexity. Read Joseph Trevisani's article!
Previous Market and Trader Psychology article
The Psychological Utility of Technical Analysis by Joseph Trevisani