SubscribeDaily Forex Commentary for May 20, 2009
May 19th, 2009 • Related • Filed Under
May 20, 2009
Speculators Continue to Beat Up the Dollar
Risk takers drove the Euro higher on Tuesday. Traders for the most part decided to ignore the bearish U.S. housing report today and decided instead to focus on the possibility of the start of a global economic recovery.
The chart pattern suggests that the Euro will make a run at last week’s high at 1.3719. Taking out this price will reaffirm the uptrend and create a new main swing bottom at 1.3420.
It’s hard to believe that this market …
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