Forexpros.com Daily Analysis - 16/06/2010

[forexpros]

ForexPros Daily Analysis June 16, 2010


Free webinar on ForexPros - Simple Chart Pattern Trading

Expert: Kellie Durazo, Fx V-room
When: Wed, 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: Initial Jobless Claims

Traders await the US Initial Jobless Claims. It is a seasonally adjusted measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report. The number of jobless claims is used as a measure of the health of the job market, as a series of increases indicates that there are fewer people being hired. On a week-to-week basis, claims are quite volatile. Usually, a move of at least 35K in claims, is required to signal a meaningful change in job growth. A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD. Analysts predict a future reading of 450.00K.

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Euro Dollar

The Euro broke the resistance specified in yesterday