Daily Currency report for Friday March 2 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: The euro dipped slightly to 1.3150 as the yen crosses slipped further yesterday. We have managed to hold here quite well, but the danger of a further slip continues to threaten. We will allow for the euro to have one last look at the downside, probably no lower than 1.3050 - 1.3000, if it must go there, but more likely is a resumption of the bull trend towards 1.3700 from current levels. For today and the rest of this week, we will watch carefully for opportunities to buy euros on convincing dips and clear signs of reversal between 1.3000 and 1.3200, with the first chance to try at 1.3150. Buy near 1.3170, stops below 1.3150, being prepared to re-try lower down.
EUR/USD Hourly chart:
EUR/USD Weekly chart: