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The dollar can earn another 200 pips today
By: FS Team - 02-04-2008
0votesEUR/USD (1.5590)
European & US sessions forecast levels: 1.5485/1.5670
Trend Sessions: European: Neutral/Downward
US: Neutral
Market Focus: 8:15 AM ADP Employment, 10:00 AM Factory Orders, 4:00 AM EU PPI.
Daily Strategy: The recovery of the dollar was based on combination between profit taken and the crisis in UBS bank. The subprime crisis from United States will come in Europe, as the first hit bank is UBS. At this time many traders fast to take their profits as sell euro against dollars. For today the recovery of the dollar will continue as this recovery can continue with another 200 pips gain against the euro. On the other side is expecting new worse US non-farm payrolls data at the end of the week that will stop the dollar recovery. The trading strategy is opening short positions during the European session.
Next Analysis: Market shifts into risk-loving mode, boosting USD and GBP. GBP strength to continue on short squeeze?
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