Friday October 31, 2008 - 14:23:03 GMT
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Forex Trading: EURUSD randomly moving up and down as the market digests the news
The EURUSD is moving randomly with a bias to the downside as the market digests the weaker German Retail sales last night, and prospects of a rate cut next week by the ECB. On the US side, however, the weak Chicago PMI, the election, and a weak Non Farm Payroll on tap for next Friday are pulling for a weaker dollar.
From a technical perspective, the 100 and 200 hour moving averages are converging signalling the same short term uncertainty (1.2750 and 1.2788 respectively). Add to the Halloween brew month end flows which should add a touch of up and down volatility and you have the making of a choppy trading session as we head into the weekend.
I would expect that the upsides should find resistance against 1.2769 and above that, further intraday resistance at 1.2800. On the downside a break of the 1.2700 should lead to further pressure with the low for the day at 1.2667 the obvious target.
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