Wednesday, Aug 05, 07:17 GMT
EUROPEAN Trading Newsletter
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To Get Started
- BoE and ECB Interest Rates decision Live Coverage: Thursday, at 10:45 GMT with Valeria Bednarik
- NFP Release Live Coverage: Friday, at 12:45 GMT with Nick Nasad
- WEBINAR VIDEOS: Chart reading basics with Adam Rosen
- Forex Tools renewed! Check out the brand new features: Margin Calculator and Carry Trade Calculator
- All the events of the day in our Economic Calendar
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Forex Blogs
The Disciplined Trader: EUR/USD − Can we indetify the top? by Valeria Bednarik
I don't think the top is in place yet on the EUR/USD. I think that when it happens there should be a volatile turn around and this hasn't happened yet. My view at this time is that the final 5 wave sequence is likely to play out as a fractal representation of the entire larger move up.
FX Bootcamp: Inter-market correlations by Wayne McDonell
FX Bootcamp: Currency Correlations by Wayne McDonell
Sponsored by 
Live Sessions Schedule
FX Instructor Live Trading Room
Expert: Mark De La Paz
Start: Wed, Aug 5, 09:00 GMT
Sponsored by: 
Type of Session: Webinar
Trading Break Out's And Other Market Views
Expert: Phil Newton
Start: Wed, Aug 5, 10:00 GMT
Sponsored by: 
Type of Session: Webinar
| Sponsored by | ||||
| Wed, Aug 5, 09:00 GMT | FX Instructor Live Trading Room | Mark De La Paz | WBN | |
| Wed, Aug 5, 10:00 GMT | Trading Break Out's And Other Market Views | Phil Newton | WBN | |
| Wed, Aug 5, 14:00 GMT | Economic and Technical View of the Currency Market | Rob Booker | WBN |  |
| Wed, Aug 5, 16:00 GMT | Institutional Trading Strategies  | Andrei Pehar | WBN | |
Current Session: Europe
Euro is not overbought so expect another burst higher
Mizuho Corporate Bank − Consolidating at the very top of this year's range in a potential ‘pennant' formation. Surprisingly the Euro is not overbought so expect another burst higher hopefully by the end of this week. Our measured targets are 1.4600 and eventually the psychological 1.5000.
USD/JPY
The USD/JPY pair returned to trade within the upside channel by ecPulse.com
The USD/JPY pair returned to trade within the upside channel that attempted to breach it yesterday, whereas the main support at 94.35 remained strong.
GBP/USD
There is definitely the need for a material corrective pullback towards 1.6800 by DailyFX
We were stopped out of our Euro short trade from Friday (sold 1.4235; stop1.4365), but have opted to establish a fresh short trade in this pair ahead of critical psychological barriers at 1.7000.
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 MANUFACTURING PRODUCTION
| Date (GMT) | Event | Cons. | Previous | |
| Aug 5 | 08:30 | Manufacturing Production (YoY) | -11.4% | -12.7% |
| Aug 5 | 08:30 | Manufacturing Production (MoM) | 0.0% | -0.5% |
Weekly Economic and Financial Commentary - More Evidence That the Recession is Ending by Wells Fargo Investments, LLC
Industrial production (IP) in the United Kingdom was hammered late last year and early this year as the global economy fell into a deep recession. There was hope in April when IP edged up a tenth of a percent, the first monthly increase since February 2008. But then things deteriorated further in May falling 0.6 percent.
[ Full Story ]Top Market Movers Review
UK HALIFAX HOUSE PRICES
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Aug 5 | 06:15 | Halifax House Prices (MoM) | 1.1% | - | -0.5% |
UPDATE:UK Halifax Jul YY House Price Fall Smallest In 11 Mos (Dow Jones)
U.K. house prices rose for the second time in three months in July, while the annual decline continued to ease, showing the smallest drop in almost a year.
[ Full Story ]Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Aug 4 | 23:01 | UK | Nationwide Consumer Confidence (Jul) | 60 | 59 | 58 |
| Aug 5 | 01:30 | AU | Trade Balance (Jul) | -441M | -737M |
|
| 06:15 | UK | Halifax House Prices (MoM) (Jul) | 1.1% | -0.5% | ||
| 06:15 | UK | Halifax House Prices (YoY) (Jul) | -12.1% | -15.0% | ||
| 08:00 | DE | Purchasing Manager Index Services (Jul) | 48.4 | 45.2 | ||
| 08:00 | EMU | Purchasing Manager Index Services (Jul) | 45.6 | 44.7 | ||
| 08:30 | UK | Manufacturing Production (MoM) (Jun) | 0.0% | -0.5% | ||
| 08:30 | UK | Manufacturing Production (YoY) (Jun) | -11.4% | -12.7% | ||
| 08:30 | UK | Purchasing Manager Index Services (Jul) | 51.8 | 51.6 | ||
| 09:00 | EMU | Retail Sales (MoM) (Jun) | 0.3% | -0.4% | ||
Educational Resources
Video Forex trading program − Day 2
This EXCLUSIVE 30−day trading program from 4xlounge is a series of 30 short movies. It gives the student small trading assignments to do each day, practicing the strategies we teach on demo accounts, and is designed to generate interest in not only trading the forex market, but implementing the proper techniques. Check today's lesson: Day 2: The Technicals − RSI.
Previous lesson
Video Forex trading program - Day 1 by Adam Rosen