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Favorable Growth Number Boosts Euro

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Aug 14, 2009.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
    Likes Received:
    Today’s sample of Forex Analysis from ForexHound.com

    Early this morning news out of the Euro Zone sent the EUR USD higher. Euro Zone GDP was better than expected buoyed by surprise increases from Germany and France. This news spilled over to the other currencies as appetite for risk returned to the market. The U.S. Dollar was weak versus all major currencies today.

    Technically the Euro could still attract selling pressure. The current two-day rally has not taken out any significant tops to signal strong buying. The charts indicate that this market has completed a technical retracement. A lower close tomorrow will indicate that last week’s closing price reversal top is currently carrying more weight than the surprise news from the Euro Zone this morning. Based on the main range of 1.4447 to 1.4086, this pair found fresh selling at the .618 price at .14309.

    A similar situation is developing in the GBP USD. Last week’s surprise announcement by the Bank of England to expand its quantitative easing program remains the key reason why the British Pound should continue to feel downside pressure.

    Read full article at ForexHound.com as well as Forex Analysis, Forex Education and exclusive timely market Gann Analysis

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