Forex News – 12th October 2011

EUR

EUR continued to dominate in yesterday’s session as investors continued to pump more
funds into to EUR as Greece is likely to receive its next tranche to avoid a default.

The market is uncertain where to go from here as it is evident on EUR/USD daily chart.
A dodji formed yesterday signaling uncertainty, the forex traders not sure whether to
continue buying or begin selling.

What may help them is the industrial production m/m for the euro-zone due at 09:00am GMT.

USD

The FOMC meeting is due to take place today at 18:00 GMT. The operation twist was announced
in the last meeting so it is unlikely that additional steps will be taken today.

Slovakia has rejected the EFSF expansion, however, another vote is due to take place this
week and expected to pass this time, which
Has limited falls.

USD has weakened further against the EUR on ECB comments, suggesting EFSF should be leveraged.

Commentary

Bulletproof GBP?

The pair has amazingly recovered all losses from the end of September. The pair was given an extra
boost from the hammer that formed 2 sessions ago on the chart.

Resistance is drawn at $1.5687, can GBP/USD break through?

Well, if it does, gains may continue, possibly towards $1.5800.

Should the resistance remain firm, a correction back to $1.5600 seems natural.

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The review is presented for instructive purposes in condition it will not be the key factor for trading.
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