NEW FOREX NEWS

EUR/USD

EUR/USD
December 21, 2009 Current level-1.4304 EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.    With the break below 1.4304 the downtrend has been renewed and the overall bias remains negative for 1.4170 initial target. Crucial on the upside is 1.4410.
resistance	support
intraday intraweek 1.4410 1.5146 1.4499 1.5290	intraday intraweek 1.4250 1.4170 1.4170 1.3740

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Up

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USD/JPY

USD/JPY
December 21, 2009 Current level - 90.52 The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54. The pair is in a minor consolidation pattern below 90.91 and we expect 89.80 to limit the downside for next leg upwards, to 92.40 major resistance area.
resistance	support
intraday intraweek 90.91 90.77 91.56 95.60	intraday intraweek 89.83 86.01 88.30 79.60

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Up

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GBP/USD

GBP/USD
December 21, 2009 Current level- 1.6115 The pair is in a downtrend after peaking at 1.7042. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258. The consolidation pattern above 1.6076 has ended at 1.6251 and the bias is negative towards 1.59+ target area. Crucial on the upside is 1.6251.
resistance	support
intraday intraweek 1.6251 1.6850 1.6410 1.7042	intraday intraweek 1.6052 1.59+ 1.59+ 1.5706

NEWS TRADING.. FOR FOREX.

We've got tons of untradable news today, although they do have thepotential of moving the market, but without a decent track record to
predict market reaction, it is best to stay out of the market
during the release times.

1. Tuesday November 24, 2009 (8:30am NY Time) US

Prelim GDP q/q Forecast 2.9% Previous 3.5%

We are looking for a 0.3% deviation on the expected 2.9%. Therefore
if we get a 3.2% on the Prelim 3rd quarter GDP, it would be
somewhat US Dollar positive and we will BUY USD/JPY. However, if
we get a 2.6% release or worse, then we would be SELLING USD/JPY or
USD/CHF.

Since this is the 2nd release, we do not expect much reaction and/or
deviation... most of the time market has already priced in the move
way before the release time.

FOREX TIPS....

8:30am US Prelim GDP q/q      2.9%(E)     3.5%(P)     0.3%(S)    50M
...and some untradable news releases
4:00am EU German Ifo Business Climate
4:45am UK Inflation Report Hearings
10:00am US CB Consumer Confidence
10:30am UK BOE Gov. King Speaks
2:00pm US FOMC Meeting Minutes
E = Expected
P = Previous
S = Surprise Factor
M = Expected Movement in Pips if surprise factor is reached

In the meantime, I would recommend that you try our trade room for
one session for Free. Our flahship proprietary Fibonacci GRID will
help you take advantage of the market in any condition, with or
without news!