Discussion in 'Forex' started by AceTraderFX, Nov 1, 2007.

  1. Updating time : 01/11/2007 00:37 GMT

    EUR/USD - 1.4472...The single currency retreated fm 1.4470 to 1.4419 b4 rising in U.S. session n despite a brief retreat to 1.4427 immediately after the Fed's expected rate cut, euro then rallied to a fresh record high at 1.4508 b4 a pullback was seen in late NY trading.

    Today, euro's retreat fm o/n high at 1.4508 suggests minor consolidation below there is in store n although weakness to 1.4441 (50% r of 1.4374-1.4508 n abv the 55-hr ema at 1.4433) cannot be ruled out, as long as 1.4419/27 holds, MT uptrend shud resume n abv said res wud extend gain to 1.4529 (61.8% proj of 1.4188-1.4439 measured fm 1.4374), however, upside shud be capped well below 1.4585 (61.8% proj. of 1.3360-1.4283 measured fm 1.4015) n risk has increased for a long-overdue minor correction to take place later today or tomorrow.

    Whilst buying on dips is cautiously favoured, profit shud be taken on next rise. Below 1.4419/27 wud signal a temporary top has been formed y'day n correction to 1.4374/86 (sup n 38.2% r of 1.4188-1.4508) wud follow but reckon 1.4348/49 (50% r n prev. res) wud contain weakness n yield another rise...