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Forex trading: Markets are wandering with a bias to downside as uneasiness continues

Posted by Greg Michalowski on Fri, 10/10/2008 - 11:23am in

The implications of the meeting are keeping the markets on edge.  As a result, the rates are volatile and choppy.  This will continue throughout the day.  The EURUSD has been moving down toward the low for the week at 1.3443.  The low today is 1.3454.  A break will likely lead to further selling in the pair.  The upside seems to be dependent on the movements in the stock market. If it ralllies, the EURUSD tends to rise and visa versa.