Friday August 27, 2004 - 19:47:58 GMT
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The dollar got lambasted as a worse than expected US Non Farm Payroll number sent EUR/USD flying above key option protected levels (1.2235 and 1.2275) while USD/JPY knifed back down towards the 108 handle in a frantic manner (109.15 to 108.05). In just about every area, the dollar suffered sharp losses against its G-7 counterparts. Perhaps leading the charge was USD/CHF which swooned from 1.2525 to 1.2296 even though rumors swirled of potential SNB action on the bid. Also, GBP/USD broke higher (1.8145 to 1.8345) as did its high yielding cousin, AUD/USD (.7011 to .7134). So with the Independence Day Holiday approaching, most traders expect a small amount of consolidation before the raucous dollar bear trend picks up again.
TECHNICALLY SPEAKING We see key medium term resistance at 1.2350 in EUR/USD as well as the psychologically key 1.24. The downside now is well supported down at old highs of 1.2275 and 1.2230.
GAIN AN EGDE We will look to buy EUR/USD at 1.2240 with a 1.2195 stop and 1.2395 limit.
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