Thursday February 3, 2005 - 18:52:34 GMT
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GREENBACK STRENGTHENS INTO PAYROLL NUMBER
The U.S session started with the ECB leaving rates unchanged and ECB President Trichet's press conference yielding no fresh insight toward monetary policy. Euro standing pat was enough to push this pair from 1.3010 and trigger stops through 1.2985/90 and sent this pair tumbling to 1.2940/45 on added pressure. In the middle of all this noise was US Factory orders that rose .3% in December and US ISM non-manufacturing slid to 59.2% in January. Dollar/JPY has maintained a bid tone over the past few sessions, and once above 104.25/35 the market took out all the exporter offers and continued north. The market still needs to take out 1.2920/30 to excite to the downside and USD/JPY a break of 105.00/20 will get the ball rolling and the momentum types should pile on board. Tomorrow will bring the ever popular Payroll figure release and this will set the tone for the near future as far as the Dollar continuing its march higher or just a correctional wave.
The Euro after cutting through 1.2985/90 has put in a low of 1.2942 and a bounce to 1.2977/80. There is resistance at 1.2990/1.3000 and then at 1.3020/30. Key support is seen at 1.2920/30 and beneath that at 1.2875/85. The Relative Strength Index has a 29.55 reading.
GAIN AN EDGE
We look to sell Euro on a bounce to 1.3005/10 with a stop above 1.3050 and a take profit of 1.2935/40
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