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Forex Report, August 29 2007 |
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The EUR/USD currency pair is making up a bit of ground after falling off a bit earlier in the week. This strength continues to reinforce the position that the trend remains up on this pair and we can expect it to test resistance and possibly shoot for 1.3700 and higher.
After the yen gained some ground on Monday and Tuesday, we see all of the JPY crosses gaining back those losses, pretty much all bound in a range set last week. This up and down movement would seem to indicate a wait and see attitude for trader and the resumption or failing of the carry trade. We'll have to wait for a confirmed break either above or below the current ranges to indicate where the Yen is going.
Happy trading, and remember to trade safely.
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Forex Report