Today’s sample of Forex Analysis from ForexHound.com
U.S. GDP improved to 3.5%. This figure marked the first gain in over a year and was better than pre-report guesses of 3.2%. Trader appetite for risk soared after the report was released.
The EUR USD is in an uptrend and rallying strong today. Expectations are for a test of 1.4873 to 1.4918 before new sellers surface. This currency pair is also in a position to post a bearish closing reversal.
The GBP USD showed the most strength for the second day in a row. This surprised traders who felt more downside was likely following last week’s release of a bearish U.K. GDP number. Many traders had been looking for lower markets in anticipation of increased quantitative easing by the Bank of England. The strong rally today took out a minor retracement zone and now has this market in a position to test the recent top at 1.6691.
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As U.S. GDP Improves, Investors Shift Interest Bac
Posted - October 29 2009 : 18:17:52
