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Forex Trading: See position squaring as we head into the Friday afternoon

Posted by Greg Michalowski on Fri, 04/04/2008 - 12:47pm in

EURUSD

We are seeing what seems to be position squaring in the pairs this afternoon. Shorts in USD JPY seem to want to buy back before the weekend on dips. The GBPJPY seems to also be content with buying dips. EURUSD has some support at 1.5707, the 100 bar moving average on the hourly chart. It does not seem to have the will to go much lower.

Perhaps it is time to think more about next weeks trade?