Tuesday, November 10, 2009

The dollar tried to rally but failed

Today the US Dollar tried to make a stand. It even had what looked like a successful breakout on the 30 min charts (at least my monitoring of the EUR/USD pair), but it eventually succumbed to selling pressure and closed near the open. Tomorrow is a light trading day with the US Holiday, and I believe the bond markets are closed drying up what has been this week little trading volume. Look for the bulls to take advantage and push the markets higher.

Unless, we see a close below today's low, I'm expecting the markets to make their way to the new sell target: 1128. There should be some sellers at 1100 tomorrow, it will be interesting to see if it is just a dip or something bigger. If we do get some selling in the 1100 area, then the next buy area would be 1090-1092.


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