$EURUSD bouncing along. Holds the support at the 1.4860 level
The 14860 level (close from yesterday was 1.4860 and ceiling at the 1.4855 level) held the downdraft post the Trichet news conference and the resulting bounce pushed the pair back above the 1.4881 level The bounce has upside resistance at the 1.4909 level ( high from yesterday). Additional resistance remains at the 1.4927 for the pair. The high today reached 1.4917.
The London Fix is approaching. and after that we start to prepare for the US NFP tomorrow.
With the stocks up 185 points and with the EURUSD somewhat contained given the stock gains, the topside may be limited (what happens if stocks pullback? Will the EURUSD decline?). Watch the 1.4881 level. I think the market will continue to use it for directional clues today. Above the level bullish. Below the level bearish. Do not expect a super move, but follow the technical levels.
Downside continues to have support 1.4855/60. Upside outlined above.
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