Daily Currency report for Friday February 16 2007
This is only a guide. Please refer to our specific entry signals for exact entries and stops.
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This Week's Economic Calendar
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Date ET Release For Actual Briefing.com Consensus Prior Revised From
Feb 12 14:00 Treasury Budget Jan $40.0B $40.0B $21.0B
Feb 13 08:30 Trade Balance Dec -$59.7B -$59.5B -$58.2B
Feb 14 08:30 Retail Sales Jan 0.5% 0.3% 0.9%
Feb 14 08:30 Retail Sales ex-auto Jan 0.6% 0.3% 1.0%
Feb 14 10:00 Business Inventories Dec -0.1% 0.4% 0.4%
Feb 14 10:30 Crude Inventories 02/09 NA NA -449K
Feb 15 08:30 Export Prices ex-ag. Jan NA NA 0.5%
Feb 15 08:30 Import Prices ex-oil Jan NA NA 0.4%
Feb 15 08:30 Initial Claims 02/10 310K NA 311K
Feb 15 08:30 NY Empire State Index Feb 10.0 11.0 9.1
Feb 15 09:00 Net Foreign Purchases Dec $60.0B $68.4B
Feb 15 09:15 Industrial Production Jan 0.1% 0.0% 0.4%
Feb 15 09:15 Capacity Utilization Jan 81.7% 81.7% 81.8%
Feb 15 12:00 Philadelphia Fed Feb 2.0 5.0 8.3
Feb 16 08:30 Housing Starts Jan 1590K 1610K 1642K
Feb 16 08:30 Building Permits Jan 1570K 1590K 1613K
Feb 16 08:30 PPI Jan -0.6% -0.6% 0.9%
Feb 16 08:30 Core PPI Jan 0.2% 0.2% 0.2%
Feb 16 10:00 Mich Sentiment-Prel. Feb 97.5 97.0 96.9
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EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2900
Support levels: 1.3050, 1.3000, 1.2950
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: Very little change from yesterday as we hold nicely at the new breakout level and give little back to the market. There is still a chance that we may dip back to 1.3050, and even 1.3000, but this is becoming less likely, the longer we hold above 1.3100. Today, buy dips to 1.3050/60, stops below 1.3020. First target is 1.3150 and then 1.3300.
EUR/USD Hourly chart: