Forexpros.com Daily Analysis - 11/03/2010

[forexpros]

ForexPros Daily Analysis March 11, 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.

[color=black]to join free.

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Fundamental Analysis: Retail Sales

Traders of the US anticipate the publication of the Retail Sales. The Retail Sales is a monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes in the US. It is an important indicator of consumer spending and also correlated to consumer confidence and considered as a pace indicator of the US economy .
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 -0.10%.

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Euro Dollar

The Euro confirmed it is building the triangle that we suggested yesterday, after it dropped only pips below the lower triangle line, and then it bounced back and rose until it touched the upper line in a very accurate fashion (please refer to the attached chart). The price is still trading within the triangle exactly as it was suggested yesterday, waiting for a real and decisive break for one of its limits. These limits have narrowed towards 1.3658 & 1.3581. We can only hope to end this boredom with a break of one of these levels. If the resistance at 1.3658 is broken, we expect the Euro to jump and test the last week