Forexpros.com Daily Analysis - 02/03/2010

[forexpros]

ForexPros Daily Analysis March 2, 2010


Free webinar on ForexPros - Using Chart Patterns to Recognize Trends in the Market

Expert: Anthony Cherniawski
When: Mon, Mar 15, 2010, 11:00 EST

This session will discuss the proprietary cycles studies with other patterning devices and techniques to enhance the accuracy of cycle projections and trades. This multi-disciplinary approach may help improve the outcome of trading decisions for beginning and even experienced traders. The use of chart patterns, Elliott Wave, trend lines and even Japanese Candlesticks provide a means of raising the probability of success in trading the markets.

to join free.

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Fundamental Analysis: ADP Nonfarm Employment Change

Traders of the US anticipate the publication of the ADP National Employment Report tomorrow March 2. The report measures the monthly change of nonfarm private employment, based on a subset of aggregated and anonymous payroll data that represents approximately 400,000 U.S. business clients. This release, 2 days before the government-released employment data, is a good predictive to the government's non-farm payrolls data. The change in this indicator can be very volatile. 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 reading of -10.00K.

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[color=black]The Euro stopped only 4 pips above the resistance specified in yesterday