Tuesday August 10, 2004 - 10:37:06 GMT
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Saxo Bank - www.saxobank.com
Buy EUR/USD for try at 1.2450 top
10 August, 10:37 GMT - EUR/USD: 1.2274
The upward direction established in EUR/USD on last Friday's US unemployment report looks set to continue in the coming days. There may be some volatility on the FOMC rate decision at 18:15 GMT today, as some believe that the Fed will not hike rates - but we are with the majority that believe the Fed will hike. So, while the USD may strengthen slightly on the hike news, it may then quickly weaken and bring EUR/USD back in striking distance of the 1.2460 area top.
Buy EUR/USD below 1.2250 with a stoploss at 1.2130 offered and a target of 1.2440.
John J. Hardy
Saxo Bank Market Strategies
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