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Daily Currency report for Thursday February 1 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

DateETReleaseForActualBriefing.comConsensusPriorRevised FromJan 3010:00Consumer ConfidenceJan 110.5109.5109.0 Jan 3108:30GDP-Adv.Q4 3.0%3.0%2.0% Jan 3108:30Chain Deflator-Adv.Q4 1.5%1.7%1.9% Jan 3108:30Employment Cost IndexQ4 0.9%1.0%1.0% Jan 3109:45Chicago PMIJan 52.052.051.6 Jan 3110:00Construction SpendingDec -0.2%0.0%-0.2% Jan 3110:30Crude Inventories01/26 NANA789K Jan 3114:15FOMC policy statement Feb 0108:30Personal IncomeDec 0.5%0.5%0.3% Feb 0108:30Personal SpendingDec 0.7%0.7%0.5% Feb 0108:30Initial Claims01/27 315K318K325K Feb 0110:00ISM IndexJan 52.051.551.4 Feb 0117:00Auto SalesJan 5.4M5.4M5.6M Feb 0117:00Truck SalesJan 7.3M7.4M7.2M Feb 0208:30Nonfarm PayrollsJan 135K150K167K Feb 0208:30Unemployment RateJan 4.5%4.5%4.5% Feb 0208:30Hourly EarningsJan 0.2%0.3%0.5% Feb 0208:30Average WorkweekJan 33.933.933.9 Feb 0210:00Factory OrdersDec 2.0%1.5%0.9% Feb 0210:00Mich Sentiment-Rev.Jan 98.097.898.0
EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.3050
Resistance levels: 1.3050
Strategy: Whilst below the weekly trend reversal level,sell rallies to resistanceafter 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:A bit more lively, and back to the top of the range of the past few weeks at 1.3040. It looks as though we will move through here before the weekend, which will turn the weekly charts bullish and should spark a move to the next level at 1.3150. As there is a lot of important data this week, ending with the NFP and Michigan Sent. on Friday, we need to be cautious about picking a direction. The way this week finally closes should set the trend for February, so it is a case of "wait and see" until then. For today, either try small shorts on signs of topping at 1.3040 (there are no signs yet) or stay out of the market.
EUR/USD Hourly chart:

EUR/USD Weekly chart: