eToro – Forex Trading Forum

[BlueinGreen]

Hi all,

This morning the dollar continues to give back some of its gains from the last major advance.
it looks like this move is the true correction in price, since we can no longer regard it as a resting period or a minor correction – especially not after EURUSD broke clearly above 1.48 and USDJPY is trading well under 109 again.

Technically – a well based correction on EURUSD would be at least 1.5, however the selling pressure
on this pair remains very high , and i am sure there are a lot of traders out there who missed the first ride down to 1.46 and are anxious to get on the next one.
this might cripple the current correction to 1.48 – 1.49 area.

Main events today -

9:30am GBP Retail Sales m/m Forecast -0.3% Previous -3.9%

12:00pm CAD Core CPI m/m Forecast 0.2% Previous 0.1%

1:30pm USD Unemployment Claims Forecast 443K Previous 450K

3:00pm USD Philadelphia Fed Manufacturing Index Forecast -14.5 Previous -16.3


keep an eye on the Philadelphia Manufacturing index, reading well under -14.5 might fuel some more dollar selling today.


Philadelphia Fed Manufacturing Index -Measures the general business conditions of manufacturers in the Philadelphia Federal Reserve district. The index is derived from a survey that asks respondents to rate the level of general business activity as 'decrease', 'increase', or 'no change'. A rising trend has a positive effect on the nation's currency because good manufacturing conditions are a sign of a strong economy. Although this survey is limited to manufacturers in Philadelphia only, traders pay close attention because the Philadelphia Federal Reserve releases it weeks before other major reports on manufacturing

happy trading,