forex eur-usd technical analysis

Now we can see again the eur-usd is moving at the correction direction following the major trend movement which is bearish. Immediate target should be residing somewhere near 1.1709 previous bearish resistance level as indicated by the

The advance long-term target is residing near 1.2359 as shown on the weekly time frame. Consequently advance resistance level could be reaching as far as 1.1709 marked by the red horizontal line on the monthly time frame.


Significant Fundamental Data to watch next week.

Wed Feb 4, 2009
8:15am USD ADP Non-Farm Employment Change -528K (forecast) -693K (previous)
10:00am USD ISM Non-Manufacturing PMI 39.1 (forecast) 40.1 (previous)

Thu Feb 5, 2009
Tentative GBP MPC Rate Statement
7:00am GBP Official Bank Rate 1.00% (forecast) 1.50% (previous)
7:45am EUR Minimum Bid Rate 2.00% (forecast) 2.00% (previous)
8:30am EUR ECB Press Conference
8:30am USD Unemployment Claims 590K (forecast) 585K (previous)

Fri Feb 6, 2009
4:30am GBP Manufacturing Production m/m -1.3% (forecast) -2.9% (previous)
4:30am GBP PPI Input m/m 0.5% (forecast) -2.0% (previous)
4:30am GBP Industrial Production m/m -1.2% (forecast) -2.3% (previous)
4:30am GBP PPI Output m/m -0.1% (forecast) 0.0% (previous)
6:00am EUR German Industrial Production m/m -2.4% (forecast) -3.1% (previous)
8:30am USD Non-Farm Employment Change -530K (forecast) -524K (previous)
8:30am USD Unemployment Rate 7.5% (forecast) 7.2% (previous)

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