# Forex618 daily currency report



## Forex618 (19 October 2006)

Daily Currency report for Thursday October 19 2006 

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 
Oct 16 08:30 NY Empire State Index Oct   13.0 12.0 13.8   
Oct 17 08:30 PPI Sep   -0.8% -0.6% 0.1%   
Oct 17 08:30 Core PPI Sep   0.3% 0.2% -0.4%   
Oct 17 09:00 Net Foreign Purchases Aug   NA $50.0B $32.9B   
Oct 17 09:15 Industrial Production Sep   -0.2% 0.0% -0.1%   
Oct 17 09:15 Capacity Utilization Sep   82.2% 82.3% 82.4%   
Oct 18 08:30 CPI Sep   -0.3% -0.3% 0.2%   
Oct 18 08:30 Core CPI Sep   0.2% 0.2% 0.2%   
Oct 18 08:30 Housing Starts Sep   1640K 1650K 1665K   
Oct 18 08:30 Building Permits Sep   1685K 1715K 1727K   
Oct 18 10:30 Crude Inventories 10/13   NA NA 2408K   
Oct 19 08:30 Initial Claims 10/14   310K NA 308K   
Oct 19 10:00 Leading Indicators Sep   0.3% 0.3% -0.2%   
Oct 19 12:00 Philadelphia Fed Oct   8.0 6.5 -0.4 

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.2625

Resistance levels:  1.2580-1.2620

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after an entry signal.

Medium term: The Euro has dropped below immediate support at 1.2670, but remains in the broader 1.2450 - 1.2950 range which has dominated since June. This means range trading should continue until the Euro breaks out one way or the other. 

Today: Little change after four terribly quiet days this week. Momentum remains extremely slow, but bearish, and we are close to the medium term range support level at 1.2450. We shall allow for more work above here today, followed by possibly a sharp rally higher. As our model remains bearish below 1.2625, we will be looking for topping activity in that area. Until then, buy dips above 1.2450. 

EUR/USD Hourly chart:



EUR/USD Weekly chart:


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## RichKid (19 October 2006)

Forex618- if you are just going to replicate material you post elsewhere to drive traffic to your site I suggest you try another forum or we will have to suspend your ASF account. If you are interested in posting charts and discussing currencies here on ASF you are more than welcome to it- please read the ASF code of conduct and posting guidelines asap.

You are specifically not allowed to provide these detailed trading recommendations on ASF as this raises serious legal issues.

RichKid
moderator


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