Forexpros.com Daily Analysis – May 6, 2009

EURO/USD is expected to swing and slide for today

EURO/USD made the drop to 1.3248 and then rose to a high 1.3332 – a wide range swing to induce traders to make buy after rise and sell after fall.Also the rise in EURO and slide in GBP is to rise EURO/GBP cross before making further drop in the cross.

EURO is expected to slowly swing and slide for today before making the rise from tomorrow and Friday.

GBP/USD is expected to swing and slide more

GBP/USD made the drop to 1.4995 and then rose to a high 1.5120 – a wide range swing to induce traders to make buy after rise and sell after fall. Also the drop in GBP and rise in EURO is to rise EURO/GBP cross before making further drop in the cross.

GBP is expected to slowly swing and slide for today before making the rise from tomorrow and Friday.

Analysis by: http://www.Forexpros.com – Written by Dr.S.Sivaraman

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