The Cable has stabilized nicely after Friday’s sizable selloff. The GBP/USD has popped back above its psychological 1.65 level and 11/12 lows as the currency pair benefits from a positive wave of EU and U.S. econ data. The set of Flash EU PMI data and U.S. Existing Home Sales came…
EUR/USD Rallies Strongly on Positive Flash PMI Data
The EUR/USD has taken advantage of its relative strength on Friday stemming from ECB President Trichet’s hawkish comments. The currency pair has since jumped back up to its highly psychological 1.50 level after of a wave of Flash PMI data that was altogether positive. Therefore, it seems the recovery in…
Euro Not Finished Yet
On the one hour Eur/Usd chart above, the market has completed a Short corrective three wave move, labeled as black waves A), triangle B), and C). The bottom of that move was found on Friday at 1.4800, where Euro was bought again against the U.S. currency. The corrections are always…
Dollar Index Drops as Shares Advance
Positive equity and commodity markets had a strong influence in the foreign exchange arena on Monday, sending the dollar index down to the 75.00 support area once again during the overnight session. The major currencies posted some small declines around the Sunday open, but soon afterwards the market reversed tack…
GBPUSD: Reverse Higher, Targets The 1.6674 Level
The pair is starting off the week reversing off its intra day low at 6471 level in early trading today. We will want to see further recovery higher beyond the 1.6674 level, its Nov 20’09 high on a daily closing to build a platform for further corrective recovery. If this…