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ForexPros Daily Analysis June 30, 2010

Free webinar on ForexPros - Simple Chart Pattern Trading

Expert: Kellie Durazo, Fx V-room
When: Today, 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: ISM Manufacturing Index

Traders of the US anticipate the publication of the Institute of Supply Management (ISM) Manufacturing Index. It tracks the amount of manufacturing activity that occurred in the previous month.
This data is considered a very important and trusted economic measure. If the index has a value below 50, due to a decrease in activity, it tends to indicate an economic recession, especially if the trend continues over several months. A value substantially above 50 likely indicates a time of economic growth. The ISM index is the result of a monthly survey of over 400 companies in 20 industries throughout the 50 states.
The ISM's leading quality has been proven over time. During a recession, the ISM's bottom may precede the turning point for the economic cycle by some months. 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 59.00.

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[color=black]The Euro broke the support specified in yesterday