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Forex Technical & Fundamental Analysis Recap

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Jul 7, 2009.

  1. forextrends24

    forextrends24 New Member

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

    The EUR USD tried to follow-through to the upside following yesterday’s closing price reversal bottom. The reversal was confirmed overnight and for most of the day session this currency pair traded higher. A stable equity market helped maintain a steady market but late in the day a collapse in the equity markets sent traders out of higher risk assets, causing the EUR USD to fall.

    The technical pattern is suggesting more downside to follow. The series of lower-tops and lower-bottoms the past month are strong indications of an impending top. Breaking an up trending Gann Angle from the April low at 1.2884 is also a sign that the selling is greater than the buying at current levels.

    Falling crude oil and equity prices helped erase early session losses in the USD CAD. Traders are becoming more risk averse and selling commodity related currency markets. Talk of another stimulus plan by the U.S. is sending a signal to traders that the economy may be weaker than previously thought. Traders are beginning to wonder if the Bank of Canada is going to try to take action to stimulate the economy.

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

    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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