Friday, October 30, 2009
Health Insurance & Injury Update :-
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Monday, October 26, 2009
Forex Update :-
GBP/USD: Reversal ahead of 1.6745/65 means that rally is over - Commerzbank
The Pound is trading in a range around 1.6300 after its 390 pips sell-off seen last Friday, which ,according to Karen Jones, technical analyst at Commerzbank, slammed the Pound's two-weeks long rally.
Market is now back under bearish pressure, according to Jones, with next support at 1.6200: "GBP/USD’s large key day reversal ahead of 1.6745/65 implies that the 2 week rally is over and the market is back under pressure in its range. We have interim support at 1.6200, 1.6115/1.6085 and failure here should be enough to refocus attention on to the 1.5690/1.5710 support."
On the upside Jones points out to 1.6745/70 to hold potential rallies: "Key short term resistance remains 1.6745/70, the June and September high and Fibonacci retracement – we look for this to hold the initial test. Above here would introduce scope to 1.7040/50."
EUR/USD could reach 1.7500; oil $200 by early 2010 - Kim Cramer
The Euro has remained trading on a steady upside trend from levels below 1.2500 in March to reach 1.5000 in October, and, according to Kim Cramer Larson, technical analyst at Financial Trend Analysis the uptrend is not any close to its top.
On the long term, Larsson expects the Euro to peak at 1.7500 on three to six months time: " We expect the old high on Euro Dollar, at 1.6200, to be tested by year-end. Our long-term frecast within the next 4 to 6 months is 1.75."
Furthermore, oil prices will continue rallying according to Larsson who expects crude oil to reach levels around 190 - 200 in the next 3 to 6 months: "We are very bullish on oil, we saw a break out lately taking out old highs, and we expect crude oil to trade at 190/200 in the next tree to six months."
Friday, October 23, 2009
Today Forex Update :-
European markets advance after upbeat earnings; Pound collapses on GDP contraction
European markets are going through gains on Friday as an string of upbeat corporate earnings report has buoyed investors' sentiment. In Forex markets the Pound has collapsed after an unexpected contraction in UK GDP.
Eurostoxx 50 Index rises 1.05%, German DAX Index adds another 1.05% and the French CAC Index advances 1.1%. In the UK, the FTSE Index rises 1.0%.
On the macroeconomic domain the shock of the session has been the unexpected 0.4% decline in UK GDP, which, according to preliminary data makes the sixth consecutive negative quarter, the largest recession period on record.
Sterling plunges, euro back to highs
GBP/USD has dropped almost 300 pips after GDP figures were released, as the pair has dropped from from 1.6685, fresh 6-weeks high to a session low at 1.6410 where the Pound is attempting to set a bottom.
EUR/USD remains on the upside after having bounced at 1,4990 on early European session, and the pair advances around 1.5050, with year high at 1.5060 on sight.
USD/JPY uptrend from Tuesday's low at 90.05 has extended during European session as the pair broke above 91.70 to hit a fresh one-month high at 91.90, before easing back to 91.70 area at the moment of writing.
EUR/USD: Euro returns upwards and approaches 1.5060 high
Euro retreat from 1.5060 high has found support at 1.4990 on early European session and the Euro bounced, reaching back to 1.5050 with 14-month high at 1.5060 on sight.
Next resistance area, at the moment, lies at 1.5060 (session high), and above here, 1.5085 (Aug 11 08 high) and 1.5100. On the downside, support levels at 1.4990/00 (session low/ oct 20 high), and below here 1.4975 and 1.4940 (Oct 22low).
According to Per Enk karlson technical analyst at Advantage Financial GMBH, the Euro remains bullish while above 1.4920: "No clear break out above 1.50 as we were looking for, still bullish above 1.4920 with next resistance level now up at 1.5284."
Wednesday, October 21, 2009
Today Forex Update :-
Sterling climbs further, approaching 1.6600
The Pound continues rallying on the back of BoE minutes and, after having confirmed above 1.6500, the Pound has reached 1.6590, right below 1.6600. The Pound has broken 1.6435 Fibonacci resistance and, according to Karen Jones, technical analyst at Commerzbank, targets 1.6745/70.
EUR/USD: Euro recovery, capped at 1.4965 level
Euro recovery from 1.4880 support area has been capped at 1.4965 resistance (Oct 15 and 16 high), ad the Euro has eased to levels around 1.4935 at the moment of writing.
On a wider perspective, decline from 1.4995 high yesterday is corrective in nature, according to Stoyan Mihaylov, technical analyst at Deltastock.com: "Although there was a downward attempt, bottoming at 1.4883, the pattern below 1.4993 seems rather corrective in nature and our target at 1.5104 remains unchanged. Crucial on the downside is 1.4828 support."
Initial resistance at the moment, lies at 1.4970 (Oct 15 and 16 high), and above here, 1.4995/00 (Oct 20 high) and 1.5020. On the downside, support levels lie at 1.4880 (Oct 20 low), and below here, 1.4860 and 1.4825 (Oct 18 low).
Friday, October 16, 2009
FOREX LATEST UPDATE :-
Euro-Zone Trade Balance Swings To Deficit In Aug
The euro zone's trade balance swung to a larger-than-expected deficit in August from a surplus in July after exports plunged to their lowest level for four-and-a-half years, data released by the European Union's statistics agency Eurostat showed Friday.
Non-seasonally adjusted figures showed the 16 countries that share the euro posted a combined trade deficit of EUR4.0 billion in August following a revised seven-year-high surplus of EUR12.3 billion in July, marking the first deficit since February.
Economists were expecting a EUR0.3 billion deficit in August, according to a Dow Jones Newswires survey of economists last week.
USD/JPY: Dollar breaks above 91.0
The Dollar has climbed further during the European trading time breaking above 91.00 to extend rally from 88.80 low in October 14 to session low at 91.30 so far.
Current rally is corrective in nature, and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair coud be capped around 91.75: "Undoubtedly a corrective move, but it suggests we will hold above 88.00 for the rest of this month. We still feel we shall form an interim high somewhere below first Fibonacci retracement at 91.75."
Resistance levels, according to Elliott, lie at 91.55/75 and, above here 92.10 and 92.55. On the downside support lecvels lie at 90-50, and below here, 90.25 and 90.00.
GBP/USD: Pound resumes rally; Back to 1.6370
After a moderate setback to 1.6250 session low on early European session, the Pound has bounced up and broke back above 1.6300 to reach levelsd around 1.6370 at the moment of writing, approaching session high at 1.6400.
At the moment immediate resistance lies at 1.6400 seession high, and above here, 1.6425 and 1.6465. On the downside, support levels, below 1.6300, lie at 1.6250/60 (Intra-day low/Oct 16 low), and then 1.6210 and 1.6155.
On a longer perspective, Karen Jones, technical analyst at Commerzbank sees the Pound on a strong bullish tone on its way to 1.6465 and possibly higher: "GBP/USD rally has been stronger than we would have liked and has eroded the neckline for the top pattern we were watching – this calls into question the top pattern and implies a deeper retracement to the 1.6465 resistance and possibly the 1.6745/65 will be seen."
Wednesday, October 7, 2009
Forex latest Update :-
Forex: GBP/USD: Pound bounces at 1.5860, back to range :-
Pound's attempt to break lower has hold at 1.5860 intra-week low, and the pair has returned to the previous trading range, between 1.5880 and 1.5940. At the moment of writing, the Sterling trades at 1.5915.
However, the Pound remains weak with intra-day and hourly studies negative, according to Liviu Flessar, technical analyst at InnerFX: "Both short-term and intra-day studies are negative and a short-term change in momentum would be signaled only by breaking above 1.6100/30. Downside is favored for now."
Support levels lie at 1.5800 (Jun low/Oct 2 low)) and below there, 1.5770 (Sept 28 low) and 1.5755. On the upside, resistance levels lie at 1.5945/55 (session high/Oct 2 high), and above here, 1.6000 and 1.6050 (Oct 6 high).
The USD/JPY fell for a third day to 88.76 after touching a low at 88.65 :-
The USD climbed for a fifth day versus the GBP as a Federal Reserve official said the central bank may start increasing interest rates “sooner rather than later,” which boosted demand for U.S. assets. The USD climbed against 14 of its 16 major counterparts after Kansas City Fed President Thomas Hoenig said yesterday that raising interest rates wouldn’t derail the U.S. economic recovery. Yesterday Hoenig’s comments came after the RBA increased its main interest rates since the start of the global financial crises as the first country of the Group of 20. Anyways, the European central banks are expected to let their interest rates unchanged. The GBP/USD fell for a fifth day to 1.5905 and touched its lowest price during the October at 1.5805.
The JPY fell as Japan’s Nikkei 225 Stock Average climbed 1.3 percent and the MSCI Asia Pacific Index of regional shares advanced 1.5 percent. The EUR/USD fell a little back to 1.4709 after reaching its high at 1.4762 yesterday. The USD/JPY fell for a third day to 88.76 after touching a low at 88.65.