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Forex Trading StrategiesComments by ECB's Trichet send EURUSD higher!
Trichet said the market knows the Bank is "very, very serious" in preserving price stability, sending EURUSD above 1.2150 resistance
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€¢ Canada Industrial Product Price Feb, out at -0.4% in line with expectations.
â€¢ Canada Raw Materials Price Index Feb, out at -3.2% vs. -2.2% expected.
â€¢ US GDP Annulalized Q4, out at 1.7% in line with expectations.
â€¢ GDP Price Index Q4, out at 3.5% vs. 3.3% expected.
â€¢ US Personal Consumption Q4, out at 0.9% vs. 1.2% expected.
â€¢ US Initial Job Claims March, 302k vs. 305K expected.
â€¢ US continuing Claims March, 2483K vs. 2475k expected.
â€¢ New Zealand NBNZ Business Confidence March, out at -0.51% vs. a prior reading of -0.62%.
â€¢ Australian Retail Sales Feb, out at 0.7% vs. 0.3% expected.
THEMES TO WATCH â€“ UPCOMING SESSION
We saw mixed US data yesterday, but did little to change the weaker USD. On top of that there were rumors flying around that the White House was to say it wants a weaker USD, along with ECBâ€™s Trichet putting on the hawkish tone.
So today with US Chicago PMI along with option expiry and end of fiscal year at 15:00 GMT could really send the majors on a roller coaster ride. But looking ahead it is vital for EURUSD to keep recent gains, not to repeat the pattern we have gotten so used too.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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