Forexpros.com Daily Analysis - 28/06/2010
 

ForexPros Daily Analysis June 28, 2010


Free webinar on ForexPros - Simple Chart Pattern Trading

Expert: Kellie Durazo, Fx V-room
When: Wed, June 30, 2010, 10:00 a.m. EST

Remember learning patterns in elementary school and how easy they were to figure out? We can use this same technique to interpret different types of patterns on your technical Forex charts to identify possible trading set ups in the market, the easy way. During this webinar, Kellie Durazo will review many different types of chart patterns that will enhance your technical analysis and give you more trading opportunities for profit in the fx market.



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Fundamental Analysis: CB Consumer Confidence

Traders of the US anticipate the Consumer Confidence to be published tomorrow June 29. It measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict the consumer spending, which is a major part in the total economic activity. Higher readings point to higher consumer optimism. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Analysts predict a future reading of 62.00.

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[color=black]After its break of the small descending channel, the Euro reached its target for this break which is a test of the top of the main descending channel for the 3rd time! It touched, and slightly surpassed, the top of this channel (please refer to the attached chart). There is nothing more important than this test, for the short, and medium terms! But, we need a confirmation of this break: first we need the Euro to keep trading above the top of the channel, and then we need it to break the Asian session high 1.2396. If the Euro manages to provide what is needed, we will completely change our negative outlook for this pair. This is why today