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The Dollar is on the way to test 1.50 in very short time
By: FS Team - 21-11-2007
0votesEUR/USD (1.4836)
European & US sessions forecast levels: 1.4755/1.4910
Trend Sessions: European – Upward/Neutral
US – Neutral/Upward
Market Focus: 4:00 AM Italian Retail Sales, 8:30 AM Initial Claims, 10:00 AM Leading Indicators and Michigan Sentiment-Rev.
Daily Strategy: New record on the forex market set the euro/dollar and is on the way to set again new records today. The psychological level of 1.50 will be reached in very short time. The fears about the situation of US economy and the expecting cut of the interest rates are the key factors moving the dollar down. Also the reasons for dollar weakness are the fears that Iran, Venezuela and the rest countries exporters of oil will change the dollar with other currencies. If that happen the dollar will collapse at the levels of 1.65/1.70 against the euro. The daily strategy is to open new long positions, as buy on dip movement.
Next Analysis: FOMC minutes confirms a “close call” and a projected slow down in economic growth for 2008
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