Daily Outlook23.11.2007 by Dimo Dimov

The fall started from 117.93 is impulsive upon me and we are currently in the end of wave 5. There is still no confirmation for its end and only above 109.16 will be such a signal. However as long as the dollar stays below 109.16, one more low below 107.55 should be expected. When it is completed, one should expect a few weeks recovery of the dollar with minimum requirement 111.75. I prefer to be currently flat but if I see a buy signal with relatively close stop loss, I will give a strategy for a long position.

Trading strategy: 09:19 EST; 13:19 GMT

Stand aside

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.