Tuesday August 23, 2005 - 03:44:27 GMT
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Tricom Futures and Foreign Exchange -
Forex: A dark cloud continues to hang over the EUR/USD at 1.2250
The US dollar was flat against the euro ahead of forecast firm Euro zone data and with a strong Nikkei and political factors favouring the yen. The dollar's softness against the yen helped push the euro back up toward an important technical area of $1.2250-60.
Looking for continued rangebound, light volume trading today. Little economic data out this week, the highlight being a speech by Greenspan on Friday.
We may see some further unwinding of USD longs (EUR shorts), but I remain sceptical of any upside potential in the EUR/USD until we can break back above 1.2250-60. I'd look to sell into any rally on the back good economic numbers due out of Germany today.
Today’s Economic Releases:
US: Existing Home Sales
Today’s Top Trades
· Sell EUR/USD around 1.2220-30, with stops above 1.2260
. Buy USD/CHF around 1.2710-00
For more ideas send me an email, firstname.lastname@example.org
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