EUR/USD ping pong

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Hi Guten Tag bonjour konnichi wa moin moin boa tarde buenas tardes vanakkam

ok my first attempt to be international!

Sorry if i did not include your hello but if i do all, my post will be pages!!

hmm i better stick to. Hello folks! How is the day treating you? Fine i hope.

The currency pair is currently bouncing around and this is expected since we have
several important news this week.

The S&P 500 has been bullish for a few days now and is currently testing 1060. If we clear this line, 1080 maybe next. This may suggest risk seeking is on the move again.

Our buddy Oil, is currently at $79. It seems to have made up its mind and its telling me that it wants to join the big boys on top! Watch out though as $80 may be a strong line.

Gold is our winner today as it is currently at $1092+. We all know that Gold is usually inversely correlated to the US Dollar and hence, you know the drill !

***

While all clues suggest a upside move for the EUR/USD, i will see it with caution. We are all currently near strong lines across the markets and this may further promote the consolidating trend before the non farm payroll.

Any bullish momentum will need to take out the strong region of 1.4843-65.

If the bears take over the show, major line 1.4800 will be in the radar.

The overall sentiment today is more of a risk seeking nature.

We have got good news from companies like Ford helping up the markets too.

A word of caution though is that the we still have mambo jumbo NON FARM PAYROLL and Federal Funds Rate etc etc coming up this week and being the safe trader i am, i will be looking for opportunities to book my profits.

***

Ah it is past midnight for me and once again sleep stood me up. I wake up in the middle of the night too to check on things.

Have i been thinking too much?

In today’s rat race, when can you finally sit down relax and not think about earning your bread and butter?

You know the song? ” dreammmmm … dream dream dream…. dreammmmm ”

Trade safe.

Read more Forex Articles and Views by The Koala at www.thegeekknows.com

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This entry was posted on Wednesday, November 4th, 2009 at 5:00 pm and is filed under Market Analysis.
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