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Euro Rallies into Key Fibonacci Retracement Level

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Feb 23, 2011.

  1. forextrends24

    forextrends24 New Member

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    Today’s sample of Forex Analysis from ForexHound.com

    The Dollar fell overnight against most majors as investors continued to weigh the political situation in the Middle East and North Africa. The lack of fresh news from these regions encouraged traders to lighten up safe haven positions placed in the Greenback over the past few days.

    Upside pressure helped drive the Euro back above 1.37 overnight, taking out three days worth of highs. Standing in the way of further upside action is a major Fibonacci retracement level at 1.3744. The Euro turned around on Tuesday after news reports suggested the European Central Bank was likely to put inflation concerns back into their March 3 policy statement. This action may be proof that investors have pushed aside the situation in the Middle East for the time being and are focusing on economic developments.

    Following the release of the Bank of England minutes, the British Pound rallied to within striking distance of its February 3 top at 1.6278. With upside momentum building, don’t be surprised by a breakout over this level.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.
     
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