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DailyFX Forex Radio - US Dollar Reverses on Dow Rallies - Will a Durable Goods Report Shift Sentiment?
By DailyFX Radio | October 24, 2007
· US Dollar initially rallies on rising risk aversion…
· But dollar clearly hurt by expectations that the Fed will cut by 50 basis points on October 31
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October 25th, 2007 at 5:54 am
The FX markets are losing direction, with dollar giving back gains on Tuesday after making an unexpected bullish reversal versus the European currencies a day earlier. Expect further choppy trading today while traders seek new direction.
Euro/dollar
Euro/dollar recovered about half of Monday’s losses but was stuck in an inside range. A bearish engulfing attern remains in place, but this is less powerful now. Following a brief recovery, the decline may resume.Strong resistance is seen at 1.4300. Above 1.4355, strong resistance is seen at 1.4395.Below 1.4170, euro/dollar now has support at 1.4125 and at 1.4085.
Next level is 1.3975. Distant support is at 1.3855.