Today’s sample of Forex Analysis from ForexHound.com
The U.S. Dollar finished mixed after a choppy trade on Tuesday. The Dollar began the day weak, but turned around following the release of mixed economic data. A sell-off in the stock market prompted traders to sell higher risk assets.
The Case-Shiller Housing Price Report and the Consumer Confidence report helped trigger the break in the stock market which turned the Dollar around before mid-session. The housing number showed an increase in prices while the consumer confidence report showed an unexpected drop.
The EUR USD gave back all of its early gains to finish lower. Volatility in the stock market prevented the Euro from gaining any really strong support. This market continues to remain sensitive to demand for higher risk assets. A shift in appetite for risk could send the market sharply lower over the near-term. The charts indicate that the retracement zone at 1.4762 to 1.4696 is the next key downside target and support area.
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Dollar Finishes Mixed Against Most Major
Posted - October 28 2009 : 06:19:06
