Wednesday November 24, 2004 - 19:31:53 GMT
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Much of the Same
The dollar continues to get decimated as leveraged players have again pushed EUR/USD to record highs. We saw an additional leg up in the pair as London fired up overnight. The move took out much of the short term barrier risk, as the 1.31 level was decisively breached and a run has been made at the 1.32 level. The mixed bag of U.S. economic data that was out this morning has done nothing to curb the recent USD selling. USD/JPY headed downtown, as the 103 figure gave way and we headed to a low just above the 102.50 level. The pair quickly rebounded as dollar shorts where quick to cover as the much talked about intervention possibilities continue to grow. Cable’s strength has been evident as we have seen a 3 big figure move over the last two days and recent move over the 1.88 figure has held. USD/CHF has been crushed as a bevy of stops have been triggered on this move down. We expect to see sideways action till Friday as traders head for the exits for the U.S. holiday.
Technically Speaking: EUR/USD looks a bit extended at its current levels and the slow stochastic on an hourly chart with an 80 reading confirms this. In addition, the 20hr SMA does not come into play till 1.3127 and 40hr SMA at 1.3090.
GAIN an Edge: We look to get long EUR/USD on a pull back to the 1.3140 level where we see support. If done, we will leave a stop at 1.3112.
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