Tuesday November 23, 2004 - 20:17:14 GMT
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Dollar Trades Lower
The dollar traded lower as a new all time high in EUR/USD was reached into the European close. After meandering around the 1.3075 level, EUR/USD rammed itself as high as 1.3108 before settling back at 1.3080. Meanwhile, GBP/USD raced from 1.8615 to 1.8725 and USD/JPY soared from 102.88 to 103.45 taking both GBP/JPY (191.92 to 193.70) and EUR/JPY (134.45 to 135.55) on vicious turns higher. By the looks of things, not much has changed on the f/x landscape. Both European and Japanese central bank officials continue to try and jawbone the dollar higher while other Asian and Middle Eastern accounts aggressively sell the greenback on every rally. However, beware of whippy price action and unpredictable movements due to poor liquidity as the US gears up for its big Thanksgiving holiday.
TECHNICALLY SPEAKING We see good support now in GBP/USD at 1.8615 and 1.8575. Today’s twice tested 1.8725 is first area of resistance with the key 1.8775 -1.8800 region lurking right behind.
GAIN AN EDGE We will look to buy GBP/USD on any approach to 1.8610 with a 1.8550 stop and 1.8750 limit.
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