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Forex Pub Report, November 4, 2005 |
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Look for the dollar to continue its bearish ways following positive
comments from Greenspan yesterday coupled with positive employment
numbers. Early trading should test the 1.1900-05 range, but look
for a reversal from here. Sell any retracement to 1.1940 with
stops placed above
1.2000 then look for a test of the 1.1864-74 lows.
(www.saxobank.com) EUR/USD fell through the very short term support at 1.1975, and now
only the 1.1900/1.1870 area appears to hold the pair back from the
abyss. The US employment today may determine the pairs fate, as will
the trajectory of interest rate differentials. 1.1975 is the minor
resistance area, and 1.2040 is the more important reversal area within
the bigger range.
(more)
(/www.ac-markets.com) Not only did the US data perform stronger, Greenspan with hints of more
rate hikes helped in pushing the Dollar through 1.20 and it fell to
1.1930 this morning. Back at the ranges lows, we are hesitant to sell,
but see the possibility of finally breaking the 1.1880 long-term key
for a medium-term move lower, but we’re probably waiting for US data
before that can be seen. Meanwhile EURUSD may retrace to 1.1970 initial
resistance, stronger at 1.2000, a close above that takes the wind out
of the Dollar-bull’s sails and we should continue to range trade
another week, but a low close could be taken advantage of in early
Monday trading hours. Initial target on the downside would be 1.1700
(more)
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Forex Report