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The Wild Card EUR/GBP 22 Sep 2009

Discussion in 'Major Currency Crosses' started by forexqs.blogspot.com, Sep 22, 2009.

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    Aug 20, 2009
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    The Wild Card EUR/GBP 22 Sep 2009

    Tuesday, 22 Sep 2009
    Market Expects Low Volatility Today

    There is likely to be less volatility in the market today with almost no market moving data on tap from Japan Europe and Unites States. Yet, few fundamental events that are due out later today may indeed create a remarkable wave in the market, especially towards the late afternoon hours.

    The Wild Card

    This pair's sustained upward movement has finally pushed its price into the over-bought territory on the daily chart's RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.

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