Data on American consumer confidence from Conference Board, Inc., (CB) today may indicate mild optimism that could drive the greenback lower in the short-term. Recent news has done little to alter the current direction of the forex...
Weekly review for 17 – 21. 10, 2011
With a break above recent resistance at 1,0370 the pair is poised to continue its move to the upside with a next target at 1,07.
After a sharp upside move towards 1,0650 the pair has been under intense pressure pulling back towards parity which is now being tested.
After a break below previous low at 0,8870 the pair has confirmed a corrective move with a next target at 0,87 (38% retracement).
The pair remains in a long term bearish trend but it is still complicated to trade with sharp upside down moves.
The break back above 1,5850 from friday has confirmed a bullish bounce with the market currently testing the key 1,60 resistance.
With a break above the high of October 17 (1,3914), the pair has confirmed a bullish bias over the short term.
The EUR/USD rose last week following the completion of a long-term consolidation trend, reaching a 4-day high of 1.3900. This morning, however, the pair bounced off the resistance level and is now trading near 1.3865.
USD/CAD fell on Friday and tested the parity support level in the process. The daily close is looking weak, but the level has held up. The market will be highly correlated to the oil markets
