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INTRADAY TRADING SIGNAL BY ACETRADER.COM: EUR/USD
EUR/USD: 1.3160

Late Update At 05 Aug 2010 06:17 GMT

Despite nr term sideways trading after y'day's
strg retreat to 1.3131, as long as 1.3183 (previous sup, now res) holds, downside bias remains for another corrective fall fm this week's high of 1.3262 to said sup, below wud extend to 1.3110 later.

Trade fm short side with stop as indicated, abv
wud risk stronger gain to 1.3200/02 b4 down.


Range Forecast
1.3140 / 1.3170


Resistance/Support
R: 1.3183/1.3212/1.3240
S: 1.3131/1.3107/1.3057

http://www.acetraderfx.com

[B]U.S. Unemployment Claims, Building Permits in Canada and the European Central Bank Interest Rate Announcement make the headlines. Here is an outlook on today’s market moving events.[/B]

In the US, Unemployment Claims predicted to decrease by 1000 compared to previous week reaching 456K.

More in the US, Natural Gas Storage has increased by 28B last week and is likely to continue with a similar rise.
In Canada, Building Permits forecasted 0.6% rise after an unexpected dip of 10.8% in May.
For more on USD/CAD, read the [URL="http://www.forexcrunch.com/category/forex-weekly-outlook/usd-cad-outlook/"]Canadian dollar forecast[/URL].

In Europe, European Central Bank Interest Rate Announcement ...

EURUSD Forecast:
The EURUSD was corrected lower yesterday, bottomed at 1.3131 and closed at 1.3160. Technically this is just a normal correction for me and we may see further downside pullback, but the major scenario remains strongly bullish. The bias is neutral in nearest term. Immediate support at 1.3105. Break below that area could trigger further downside pullback testing 1.3045/00 region. Initial resistance at the minor trendline resistance (white) and around 1.3200 area. Break above that area could trigger further bullish pressure testing 1.3260 before targeting 1.3340. My fundamental focus remains on the US NFP tomorrow and like I said yesterday, price behavior could be a little bit more unpredictable so I won't rush jump into ...

[B]Bias: [/B] While 1.5910-14 caps I look for losses through 1.5855 to 1.5792-06 at least and possibly 1.5714-40

Given the overall turns yesterday I am more confident that we have finally seen the high. The 1.5910-14 area should cap. From here look for losses back to the 1.5850-55 area which may just provide a small correction again but overall I shall expect the decline to follow-through to 1.5806 at least but with there being a potential head & shoulders in the hourly chart I feel the risk is more for aggressive losses below 1.5770 and to the 1.5714-40 area which I feel will hold for a correction. Below is the 1.5650-60 pivot support.

An earlier break above 1.5920 would revisit the 1.5967 high and then the ...

Attached Files

• The Brief Daily Forecaster.pdf (27.8 KB, 98 次查看)