Daily Currency report for Tuesday April 24 2007

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This Week's Economic Calendar
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Date ET Release For Actual Briefing.com Consensus Prior Revised From
Apr 24 10:00 Consumer Confidence Apr 105.0 105.0 107.2
Apr 24 10:00 Existing Home Sales Mar 6.40M 6.50M 6.69M
Apr 25 08:30 Durable Orders Mar 2.8% 2.5% 1.7%
Apr 25 10:00 New Home Sales Mar 900K 885K 848K
Apr 25 10:30 Crude Inventories 04/20 NA NA -994K
Apr 25 14:00 Fed's Beige Book
Apr 26 08:30 Initial Claims 04/21 325K NA 339K
Apr 26 10:00 Help-Wanted Index Mar 31 31 31
Apr 27 08:30 GDP-Adv. Q1 1.5% 2.0% 2.5%
Apr 27 08:30 Chain Deflator-Adv. Q1 3.0% 3.0% 1.7%
Apr 27 08:30 Employment Cost Index Q1 0.9% 0.9% 0.8%
Apr 27 10:00 Mich Sentiment-Rev. Apr 85.3 85.3 85.3

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EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3520

Strategy: Whilst above the weekly trend reversal level, buy dips to support after an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Little change as we hang around the same levels going into the second week in a row. Weekly support has moved up to 1.3520 and the euro is holding quite steadily at current levels without much retracement. This means we may be able to push to a new all-time high this week, with a break above 1.3660 setting off a rally to 1.3700 and then 1.3800. Be prepared to buy dips to 1.3520, and probably just lower than that at 1.3480. Below here and we shall have to allow for a much more significant dip towards 1.3450 and maybe 1.3400, before new attempts to base.

Key G7 Support levels: 1.3520, 1.3490

"Set and forget" entry: BUY 1.3500, stop 1.3460, target 1.3700

Counter-trend opportunities: None

EUR/USD Hourly chart:



EUR/USD Weekly chart: