Forexpros.com Daily Analysis - 03/03/2010

[forexpros]

ForexPros Daily Analysis March 3, 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: Interest Rate Decision

European traders anticipate the publication of the European Central Bank (ECB) decision on short term interest rate. The decision on where to set interest rates depends mostly on growth outlook and inflation. The primary objective of the central bank is to achieve price stability. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency. A higher than expected rate is positive/bullish for the EUR, while a lower than expected rate is negative/bearish for the EUR. Analysts predict a reading of 1.00%.

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