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Good day forex trading koalas.
It is Friday and it is time for ” CASH YOUR PIPS FOR BEER DAY !!!”
yes. This means that if you are green with pips in your harvest bag, good job and do plan for the weekend. Should you decide to leave trades over the weekend, you should be aware of the dangers of a forex gap. If you are not in a profitable trade, perhaps an evaluation of the position is needed.
In yesterday’s review, we noted a mild bullish momentum developing for the EUR/USD.
Looking at the EUR/USD chart above, the mild bullish momentum stalled around the line of 1.272.
The S&P 500 remains around the 1050 region as the market consolidates it’s sentiments.
Oil has recovered from it’s low for now and is around $73.
Gold remains elevated at $1240+, a sign that risk aversion may still be strong.
Fed chairman Bernanke said today that the Fed stands ready to provide stimulus if needed. While it seems like a relief on the surface, a deeper revelation may indicate that the Fed agrees that the current situation is still fragile. Furthermore, many analysts believe that a prolong period of such extraordinary stimulus may do more hurt than good to the US dollar.
From a technical point of view, the EUR/USD seems to be reaching out for the 1.28 line. Having said so, today is the last trading day of the week and hence anything is possible.
I am so soo soooo tired from my day at work. I just gave Ms Sleep a call and we will be meeting up early tonight. See you for the weekend review!
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