Forex Daily Strategy by FS Team

EUR/USD will test the levels below 1.2390 soon

By FS Team
20 November 2008 @ 01:20 am EDT

EUR/USD (1.2497)

European & US sessions forecast levels: 1.2390/1.2815

Trend Sessions: European: Neutral/Downward

US: Neutral

Market Focus: 8:30 AM Initial Claims, 10:00 AM Leading Indicators, Philadelphia Fed, 2:00 AM German PPI.

Daily Strategy: The poor data for the US housing sector push the dollar to levels above 1.28 but fast recovery during the US session. The traders predict poor data for the Euro Zone. The Fed will probably cut the interest rates to 0.5% based on the latest inflation report. At the same time Euro Zone probably will necessary to cut the interest rates with about 200 bps. In the coming days Euro-Dollar will test the levels below 1.2390 while today is possible temporary upward correction to 1.2550/80.

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