Daily Currency report for Wednesday February 28 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 27 08:30 Durable Orders Jan -3.0% -2.0% 2.9%
Feb 27 10:00 Consumer Confidence Feb 109.5 109.0 110.3
Feb 27 10:00 Existing Home Sales Jan 6.30M 6.24M 6.22M
Feb 28 08:30 GDP-Prel. Q4 2.5% 2.3% 3.5%
Feb 28 08:30 Chain Deflator-Prel. Q4 1.5% 1.5% 1.5%
Feb 28 09:45 Chicago PMI Feb 50.0 50.0 48.8
Feb 28 10:00 New Home Sales Jan 1085K 1090K 1120K
Feb 28 10:30 Crude Inventories 02/23 NA NA 3694K
Mar 01 08:30 Personal Income Jan 0.3% 0.3% 0.5%
Mar 01 08:30 Personal Spending Jan 0.4% 0.4% 0.7%
Mar 01 08:30 Initial Claims 02/24 325K NA 332K
Mar 01 10:00 Construction Spending Jan -0.2% -0.4% -0.4%
Mar 01 10:00 ISM Index Feb 50.5 50.0 49.3
Mar 01 17:00 Auto Sales Feb 5.1M 5.1M 5.2M
Mar 01 17:00 Truck Sales Feb 7.2M 7.3M 7.5M
Mar 02 10:00 Mich Sentiment-Rev. Feb 93.3 94.0 93.3
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EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.3090
Support levels: 1.3190, 1.3160, 1.3100
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: Amidst a turbulent day in many markets, the Euro has been relatively quiet. We have moved up to the weekly 78.6% Fibonacci resistance level at 1.3260 but there is little support from the pound in the rally to push it higher. In addition, downward pressure from the yen crosses has probably helped to keep the euro from punching through. We must now allow for more work in the 1.3100 - 1.3250 corridor, with dips still seen as buying opportunities for a rally to 1.3300. For today, we should get support between 1.3190 and 1.3160. Buy dips to these levels with stops below the reversals.
EUR/USD Hourly chart:
EUR/USD Weekly chart: