Daily Forex Commentary February 19, 2010

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February 19, 2010

EUR USD Posts Reversal Bottom; Short-Covering Rally Likely Next Week

The U.S. Dollar Index finished higher on Friday while eking out a small gain for the week, but the trading action during today’s session indicates that it may be overbought. Following
a strong overnight surge to the upside following the Fed’s discount rate hike late Thursday, the Dollar topped early in the trading session then struggled to stay positive the rest of the day.

By mid-session it looked as if traders were shrugging off …

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