Wednesday, February 08, 2006

Forex Trade - 02/08/06

4:52 pm EST- No trades

With the lack of economic reports today, the Euro stayed pretty flat. We almost had a breakout at 11 and 11:20 but it didn't quite meet our criteria and we stayed out. Overall it was a pretty dull day but I expect that it will pick up some steam by the end of this week. The question is how long will this selling pressure last? Interest rates are almost certainly going to go up for the USD but the ECB has also made hints of raising rates as well. Also, the long term yield differential hasn't been as wide as its been before which also adds to the confusion. These are some tricky times for the Euro and each report will play a vital role on how the pair will play out. Stay tuned for more excitment! ~Big Pippin

Results: +0 pips

8:00 am EST - Analysis

Good Morning! There are no economic reports coming out today, but we do have US Treasury Secretary Snow speaking at a Senate meeting today at 10:30 am EST. If his comments would affect the market today, I don't think it will affect the forex markets until after our trading time frame. So, it looks like open trading until about 11:00 am - 12:00 pm EST. Remember the Alba rules, good luck and good trading!! ~Pipcrawler

EU Session High: 1.1980
EU Session Low: 1.1940

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