Wednesday June 9, 2004 - 21:20:03 GMT
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Dollar Stages Strong Return
The currency markets had wide ranges today, with the dollar rising the most in two months against the Euro and posting gains against most of its other major counterparts as well. Traders were prepared for a quiet session because of the lack of any economic data, but the dollar strength seemed to pick up steam as it powerfully surged through many key technical barriers of 1.22, 1.2150, and then even taking out 1.2100 without looking back. the British pound came off as well, but in a more guarded fashion; instead the EUR/GBP cross took a severe beating. Against the yen, the dollar first tumbled to a low of 108.65/70, before posing a surprise comeback to 110.50. Tomorrow’s economic data is thin, and Friday is a holiday in the stock market, so the rest of the week is expected to be illiquid and less than dramatic.
TECHNICALLY SPEAKING: The Euro broke several support levels, slicing through 1.2200, stalling above 1.2150 before plunging to the figure. The RSI currently is 25.86, and some support may be found at the lower 3 standard deviation Bollinger band at 1.2030.
GAIN an Edge: We will sell GBP on a pop up to 1.8320 with a 1.8360 stop and a 1.8200 take profit.
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