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Forex Report, October 9 2007 |
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We've had an interesting little reversal today. Although it seemed like the dollar has been gaining some strength these last few days following last weeks surprising labor figures, a lot of those gains were reversed today. We saw the EUR/USD hop back up to the 1.41 mark before it finally stalled out a bit, while the GBP/USD hit about 2.037 before receding just slightly.
It appears that there are still a lot of dollar sellers out there and they're very willing to pull the trigger. The Euro still has a little room to run as resistance looms ahead at 1.4150 while a strong support lies below at 1.4010. We may see the pair range for a bit within these levels although if it breaks through 1.4150 it is likely headed higher for a spell.
Happy Trading!!!
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Forex Report