Simultaneous Release at www.thegeekknows.com
Good day to all,
our currency pair fell below 1.4700 today.
Being the end of the week, profit taking of the surge up may be the cause.
Reports from Bloomberg states that Federal Reserve Chairman Ben S. Bernanke said the bank is ready to tighten monetary policy once the economy improves. Apparently, this may increase the appeal of U.S. assets.
As the weekend comes, S&P 500 shows sign of profit taking too.
Having failed in the previous mission to breech 1080, the S&P 500 eased into the 1060s.
Oil edges towards $70 while Gold remains around $1044.
In the EUR/USD daily chart above. we can see how the price seems to react around the 1.4665 region.
This may be the bears’ initial target should this bearish momentum builds on.
After the great run by the bulls yesterday, they have to regroup and engage the 1.4719 previous high area should they desire bullish advancement.
Look out for news reports over the weekend to suggest possible opening conditions on Monday..
I am glad that the weekends are here.
A well deserved rest awaits.
I saw more new folks these days over the forums losing their margin accounts. I feel sad when i see this and i hope i can write out something over the weekend to help more folks.
You can visit my blog for more EUR/USD and forex articles.
Discuss with me over at forums.fxinstructor.com!