EUR/USD had a very quick turnaround following the release of U.S. PMI Manufacturing report. Now, this pair has bounces back down to almost 50% from the rise yesterday. The initial target for 1.2931 which is still above the upper limit of the channel to be pierced.
Spain and whether it is going to finally make a formal request for European bailout money continues to the hot topic. While this news has encouraged traders to pare their positions, the weakness has been orderly. Usually this indicates that traders have long been exiting their fresh short positions rather than entering the market.
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