Thursday January 6, 2005 - 19:21:26 GMT
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Dollar Continues Its Rise
The dollar rose again as traders geared up for tomorrow’s huge release of the US Non Farm Payroll Report. In a nervous tone, EUR/USD dropped from 1.3275 to 1.3155 while USD/JPY regained the 105 handle (104.21 to 105.23). In addition, GBP/USD slipped from 1.8820 to 1.8695 and USD/CAD raced from 1.2225 to 1.2380. So as tomorrow nears, it looks like the risk is slightly tilted towards a poor number and a nasty unwinding of dollar longs put on since the outset of the New Year. It looks like 1.3040 and 1.3120 will serve as key technical levels in determining the medium term direction of EUR/USD. But keep in mind, liquidity issues will likely dominate the post data release environment so expect some sharp nasty movements.
TECHNICALLY SPEAKING We see KEY supports at 1.3140 and 1.3080 in EUR/USD. The top shows a short term pivot at 1.3220 and more important congestion at 1.3345. A break of 1.3140 could eventually lead to an assault on 1.2850.
GAIN AN EDGE We will enter into a sell stop position at 1.3128 in EUR/USD with a 1.3050 stop and 1.2935 objective.
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