Forexpros.com Daily Analysis - 09/06/2010

[forexpros]

ForexPros Daily Analysis June 9, 2010


Free webinar on ForexPros - Hot Harmonic Patterns

Expert: Chris Hall
When: Today, June 9, 2010, 8:30 a.m. EST

With the time you spend with Chris who mentors at FXGroundworks.com (the leader in harmonic pattern recognition, alerting and mentoring) he will teach you the foundations you need behind trading harmonics as well as trading in general.

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Fundamental Analysis: ECB Press Conference

European traders await the ECB Press Conference on June 10. European Central Bank holds this monthly press conference about 45 minutes after the Minimum Bid Rate is announced. It is about an hour long and has two parts: First, a prepared statement is read; then the conference is opened to press questions. The questions often lead to unscripted answers that trigger market volatility. The press conference, which is broadcasted on the ECB website, is the ECB's primary method for communicating with investors about monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it often provides clues regarding future monetary policy. If the statement is more hawkish than expected, that is usually good for the euro.

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[color=black]The Euro fluctuated and penetrated both the support & the resistance specified in yesterday