How To Predict Forex Prices:

Many people think that forex market prices could be predicted by some scientific theory but that is definitely one of the biggest trading myths. I think that a good trader would always find a better way to find out how the market would move. If the forex markets could be predicted by some specific theory than all traders will be rich and no-one will loose any money. It does not make a sense, does it?

I will recommend that the best way to trade forex markets is to use the economy calender and forex charts. The most important thing for a trader is to analyse the news, not just to read it.

Unemployment continued to rise in Europe:

The unemployment in Europe remains negative. The data was released today and it has been pushing the EUR low to levels of 1.4750-1.4770

It looks like the currency pair EUR/USD may drop down to levels of about 1.4600 during the next week.

EUR/USD 1.4850 is next resistance:

If the currency pair breaks above 1.4850 next target could be at about 1.4950

Unemployment Claims report negative for USD:

Unemployment Claims data dropped to 530K which was below the expectations and it pushed the EUR up with about 40 pips and the European currency is still in uptrend position. Resistance could be seen at 1.4800

Core Durable Goods Orders positive for USD:

The orders rose up to 0.9% which was more than the forecast 0.6%. The release had a positive impact for the American currency vs. EUR.

CB Consumer Confidence negative for EUR:

The price of EUR/USD dropped with about 30 pips right after the data was released. Current price of the currency pair 1.4799

German Consumer Confidence Falls:

It declined for the first time in seven months as workers worried about keeping their jobs. The statement had a negative affect over the EUR.

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Unemployment Claims and Current account to be released today:

The Unemployment Claims and the Current balance will be released today. Both indicators could be in favor to the European currency. Current price EUR/USD 1.4930 and another uptrend movement to 1.5000 is still possible later on today.

EUR/USD may reach price around 1.5100

Current price EUR/USD 1.4975 and the currency pair is in uptrend position.

Fed Chairman Bernanke Speaks on Monday:

His speech usually affects EUR/USD because traders attempt to decipher interest rate clues.

Empire State Manufacturing Index pushed the EUR down:

Empire State Manufacturing Index rose above the forecast and it reached its highest level (34.6) in about five years.

The data was announced today and the price EUR/USD went down with about 28 pips within 20 minutes. The next release of that data will be announced again in the middle of the next month.

TIC Long-Term Purchases was negative for USD:

The TIC Long-Term Purchases data pulled the American currency down a bit with about 15 pips.

EUR/USD in uptrend position:

EUR/USD current price 1.4951 and I expect the currency pair will reach 1.5000 at some point today. Fears of US inflation is putting pressure on the American dollar.

EUR/USD current price 1.4935

The currency pair has risen from 1.4840 up to 1.4935 and I assume that the resistance is located at 1.4940

Claimant Count Change positive for GBP:

The number of people claiming benefits due to unemployment has risen again but the rate of the increase has slowed the data indicated today. The news pushed the British currency to rise from the price of 1.5940 up to 1.6000 (profit of 60 pips) within minutes after the data was released.

EUR/USD is rising:

Current price EUR/USD 1.4883 and the price is expected to rise up to about 1.4950.

EUR/USD today:

Resistance level is located around 1.4800. Current price EUR/USD 1.4779. The currency may rise with some profitable pips today after the release of German ZEW Economic Sentiment data. Above 0.0 indicates optimism and the forecast is 58.6, on the other hand EUR/USD may take downturn to about 1.4750

Escape from the US Dollar began.

According to data from Barclays Capital in the third quarter, central banks have turned 63% of foreign exchange reserves in yen and euros, which is a unique record. The news may be a sign of another price drop of the American currency in the near future.

Support and resistance for EUR/USD today.

S3	S2	S1	R1	R2	R3
1.4620	1.4660	1.4703	1.4711	1.4740	1.4780

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Trade Balance may shake the USD today.

A positive number indicates that more goods and services were exported than imported. The forecast is - 32.9B.

EUR/USD will probably be trading around 1.4700 today.

EURUSD remains in uptrend.

Current price 1.4757 and another rise close to 1.4800 looks possible later on today.

Gross Domestic Product (GDP) turned out to be negative for EUR.

The Euro lost rising levels after the GDP data was released today. The last release of the (GDP) shrank the European economy by only 0.1%, better than expectations. It was expected today that number to be confirmed.
However, this time the number was 0.2%, which did not boost the EUR. The currency even lost rising after the data was released.

Halifax HPI m/m and Manufacturing Production could shake the GBP.

Both indicators will be released today and they are expected to rise which would be positive for the British currency.

Current price of GPB/USD 1.5970

EUR remains in uptrend position

EUR/USD current price 1.4709. The currency pair is in uptrend position and possible levels of about 1.4800-1.4820 could be seen later on today or in a couple of days.

Services PMI positive for the GBP.

The British currency rose up with about 30 pips within 25 minutes after the Service PMI data was released.

EUR/USD remain in uptrend position.

Current price of EUR/USD is 1.4639. Possible levels of about 1.4750-1.4800 could be seen later on today. The Retail Sales m/m and the ISM Non-Manufacturing PMI will have an affect over the currency pair.

More US jobs lost than expected.

According to the Unemployment Rate which was released today, more US jobs lost than expected. The number in employment has now fallen for 21 consecutive months. That was negative for the American currency.

EUR/USD could go up to 1.4700

Current price EUR/USD 1.4615 and further test to levels of about 1.4690-1.4700 may be seen later on today. On the other hand we may see bottom levels around 1.4550-1.4580