EUR/USD Daily Review 28 May 10

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Good day forex trading koalas.

Yesterday saw a move up to higher ground for the EUR/USD. This was probably a result of China mentioning that the country would continue to be a long term investor for the region.

Other then that, we also saw yours truly, the forex koala drained out with a whole day of work. LOL. Hey you know what?

TODAY IS CASH YOUR PIPS FOR BEER DAY!!!

Yes. This means it is Friday and i hope you are green for the week If you are not, DO NOT try to get back into the green by risking unnecessarily. The weekend is almost upon us and it is soon time for us to take a rest and reflect on how we can do better next week.

Looking at the EUR/USD above, the H4 trendline i mentioned about yesterday did serve as an resistance of sorts.

The S&P 500 recovered towards the 1100 level. As investors try to take stock of all the global developments, this index should give us clues of the sentiment level.

Oil climbs to $74+. A recovery to $80 may suggests that the recovery train is well on the way again.

Easing a little, gold is now trading at $1205+. As gold is a popular investment of choice during economic uncertainty, any drop in price may sometimes suggest a relief in the markets.

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A report stated that a former advisory to China’s central bank mentioned that the volatility of the Euro probably will not have impact on China’s plan to diversify it’s foreign reserves. China felts that the Euro-Zone will probably get over the current crisis and regain stability.

A number of economic data for the US came out less than expected today. This included US Consumer spending. As consumer spending is usually a quick gauge to the domestic economic health, this may shake the sentiments of investors.

Lastly as the North Korea crisis is still underway with more words of war, be a look out for risk aversion.

From a technical point of view, it remains to be see if the H4 trendline will be respected. Any bullish moves may see 1.2400/440. A bearish breakdown may see us testing 1.2330/330.

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I watched a Korean war movie today and i sobbed a fair bit. This movie touches on how two brothers who had not interest in the war were dragged into it. This is a very good war movie, both in the action and emotional department. Most of the comments i find on the internet echos my feel too. The title is : Taegukgi: the Brotherhood of War. I posted a link to the trailer in my Facebook page too. There are now over 400 koalas discussing forex there and i welcome you to join us.

trade safely and appreciate life.

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