Monday January 31, 2005 - 16:52:44 GMT
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European Forex Session Wrap-up, 31/1/2005
The European session closes today, january 31st, with a very mixed picture, in what it has been a very boring session. The current erratic moves in search of the direction of the next explosion keep the market participants in a sit-tight fashion that is always the best way to detect that the next big move is approaching. What we see these days is full of bla,bla,bla in either direction, and preachers I’m sure they have solid arguments to predict the next move, but, as always, tiome will only prove 50% of them to be right, while the other 50% will then find the reason why their judgement was erroneous : “OH! Forgot to count wave 4 here, should’ve taken these 2 points to calculate fibo there ...” , and so the whell turns. Thing is that the broader picture one can get, the better. Why? Just to make oneself’s trading less stressing, it is better to avoid the noise from interfering in any decision to be made. Just a bit of a philosophical end-of-session speech today, but I think it was well worth mentioning.
Trading Recap :At the time of this writing, the EUR is trading around 1.3045 against the greenback, or 10 pips up with respect to european opening levels, still holding very well above the 50% retracement fibo level of the previous uptrend for now. GBP is doing around 1.8860, down 15 pips, almost flat with respect to its opening levels. The Swiss Franc –CHF- around 1.1885, loosing (USD gaining) 22, unable to break the 50% fibo level from the previous downmove around 1.1960 yet again. And finally, the Yen around 103.55, up 30 pips, making the YEN the looser for today’s session.
USD small brothers session performance: the AUD is trading around 0.7755, virtually unchanged, the NZD trading around 0.7105, or 15 pips down, and CAD trading around 1.24, down around 15 pips.
Economic events for january 28 : 9:00:00 AM E-12 Jan Manuf PMI (4) // 9:30:00 AM UK Jan Manuf PMI (4) // 10:00:00 AM E-12 Jan Unemployment Rate (5) // 3:00:00 PM US Dec Construction Speding (2) // 3:00:00 PM US Dec Manuf ISM (4). My (valoration) of the economic events of the day goes from 1 to 5 depending on the influence the news has in the market (1 lowest – 5 highest).
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