Thursday November 18, 2004 - 19:41:13 GMT
Share This Story
Forex.com - www.forex.com
The dollar gained against all of it s G-7 counterparts even though there were no real changes in the “fundamentals” that have been sending the greenback downward. In a classic case of all the USD longs being taken out on moves thru 1.3050 and 103.70, EUR/USD knifed from 1.3073 to 1.2942 while USD/JPY rebounded from 103.66 to 104.37. In other reversal type of action, USD/CHF roared from 1.1597 to 1.1740 and GBP/USD sank from 1.8645 to 1.8484. Even a disappointing Philly Fed Survey couldn’t save the day for the dollar bears in what turned out to be a wild trading day. Now, the market must decide if it wants to go into this weekend’s G-20 meeting with any dollar exposure at all. We expect even more dollar short dollar covering if the market decides to “square up”.
We see solid support at 1.2905 and 1.2870 in EUR/USD. There is now congestion at 1.3000 and 1.3030. The 1.3100 is KEY psychological resistance.
GAIN AN EDGE
We will buy EUR/USD at 1.2880 with a 1.2850 stop and 1.2980 limit.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."