Discussion in 'Forex' started by AceTraderFX, Oct 25, 2007.

  1. Updating time : 24/10/2007 23:58 GMT

    EUR/USD - 1.4261...Although the euro fell sharply to 1.4188 at European opening y'day, price then rebounded to 1.4268 b4 retreating again to 1.4203 as cross trading in the single currency resulted in volatile movement. The pair rose again in NY afternoon to 1.4268 on cross buying vs yen in line with the
    late rebound in U.S. stocks to end the day relatively unchanged.

    Although euro's firmness after y'day's rebound fm 1.4188 suggests this week's erratic rise fm 1.4126 (Monday's low) may extend marginally abv prev. res at 1.4306, if our broad 'consolidative' outlook is correct, then 1.4349 top shud
    hold on 1st testing n further choppy trading below there is in store. Therefore, we will refrain fm chasing this rise here for day trade but readers shud keep an eye for any special daily updates. Only abv 1.4349 wud confirm MT uptrend has resumed, 1.4381 (50% proj. of 1.3552-1.4283 fm 1.4015) 'later'.

    On the downside, a break below 1.4188 wud yield another fall to 1.4150 but breach of sup at 1.4126 is needed to signal correction of upmove is under way n extend weakness to 1.4080/90...