Wednesday October 6, 2004 - 18:59:01 GMT
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DOLLAR REMAINS BULLISH WITH PAYROLL REPORTS AHEAD
The Dollar is still trading strong with EUR/USD drifting down near 1.2250 after the start of the NY trading session and is still holding under 1.23. Meanwhile USD/JPY has continued a steady ascent after holding the line at 111.00 several times and has traded to just under 111.50. EUR/JPY broke down from its tight range (136.75-137.00) falling to NY session lows of 136.35-45 only to recover sharply to just above 137.00. Skyrocketing oil prices are the likely cause of the weaker Yen vs. the USD and the Euro. Tomorrow is the first leg of the US Jobs Data with the 8:30AM Initial Jobless Claims with the market expecting 350K down from the previous 369K. Look for a good reaction from the market as a better result could push USD/JPY to 112.00, but all eyes are pinned on Friday’s Non-Farm Payroll number.
TECHNICALLY SPEAKING There looks to be some good short term resistance at 1.2320-30 on the 60 minute EUR/USD chart which is also the 200 hour moving average. On the downside there looks to be support building in the 1.2245-55 range. If that support is broken there is a key daily support level at 1.2210-20.
GAIN AN EDGE We look to sell EUR/USD at 1.2320/25 with a 1.2355 and a 1.2250 take profit.
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