Forex Market Updates & Commentary

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• The Week Ahead from FXDD
• EURUSD makes it to 1.3700
• The Midday Forex Commentary
• Silver moves to 31 year high
• Greg & Bill Week Ahead Webinar 9:30am Monday
• EURUSD breaks higher and moves toward 1.3667 next target
• Egypt approves passing of warship through Suez Canal
• GBPUSD tests intraday support
• ECB Draghi urges tighter fiscal rules in WSJ article

The Week Ahead from FXDD Posted: 18 Feb 2011 03:27 PM PST CLICK HERE FOR THE PDF VERSION

EURUSD makes it to 1.3700 Posted: 18 Feb 2011 10:47 AM PST The EURUSD has pushed above the 1.3686 and 1.3695 level and now looks toward the high for February at the 1.3745 level.  On the downside, the price staying above 1.3686 and below that the 1.3670 keep the bias firmly to the upside (1.3670 is the upward trendline in the chart above).   The 5 minute chart below also supports the 1.3670 level as a level to eye below. That level corresponds with the 38.2% retracement of the last move higher in the pair. Intraday traders will look at the trend legs higher and use the 38.2% as a support level to stay above.  Trends are fast. Trends are directional. Looking at the chart from earlier today, the price retraced 38.2% before moving higher (see chart below).

The Midday Forex Commentary Posted: 18 Feb 2011 10:11 AM PST

Silver moves to 31 year high Posted: 18 Feb 2011 09:08 AM PST Silver has surged to new highs today, breaking through trendline resistance at the 32.18 level (see daily chart above). As long as the price can remain above this level the upside is favored.

Greg & Bill Week Ahead Webinar 9:30am Monday Posted: 18 Feb 2011 08:57 AM PST Greg Michalowski & Bill Lawless FXDD Week Ahead webinar 9:30am EST Monday Feb 21 2011. This is a new program we are introducing to cover the upcoming week of news releases and market information. Register here

EURUSD breaks higher and moves toward 1.3667 next target Posted: 18 Feb 2011 08:27 AM PST The EURUSD broke above the 1.3644 level and stops were triggered. The price next targets channel trendline resistance at the 1.3667 level. After that the 1.3686-95 become targets for the pair.  On the downside 1.3640-44 is support.

Egypt approves passing of warship through Suez Canal Posted: 18 Feb 2011 08:21 AM PST The USDCHF has moved lower along with the dollar in general. EURUSD moves to new highs Gold moves higher too.

GBPUSD tests intraday support Posted: 18 Feb 2011 07:56 AM PST The GBPUSD is down testing support at the 1.6207 level (38.2% of the days range). The GBPUSD had a boost today on the much bettter than expected Retail Sales report, but has found some selling pressure as the NY morning has progressed. The pair approaches support against the 100 bar MA on the 5 minute chart above and the 38.2% retracement of the days surge higher at 1.6207. A move below these levels should solicit additional selling.  On a break lower the 1.6195 (50% of the days range) and the more important 1.6177 level (trendline on the hourly chart) becomes the target for the pair.

ECB Draghi urges tighter fiscal rules in WSJ article Posted: 18 Feb 2011 07:39 AM PST http://online.wsj.com/article/BT-CO-20110218-708271.html?mod=WSJ_latestheadlines ECBs Draghi in a WSJ article is urging tighter fiscal rules.Comments from the Italian central bank governor will be scrutinized more as he is a candidate to replace Jean Claude Trichet when he steps down in October

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