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Today’s Currency Trading Outlook
By Benny Nardino | July 31, 2008
Yesterday session saw a very stale trading day with most currency pairs trading within themselves sideways. Not even the Asian market could-start or alter direction in the overnight trades. Yesterday is in the tomb and today is all we have right now but how will it go? 
We anticipate some movements because there are a compendium of news information to look forward to.
EUR-USD
EUR/USD looks to be bracing itself for a rise from the hourly analysis but any negative report from the Euro zone might change that pereption. For now a rise to 1.5650 resistance level or 23.6% of the Fib ratio seemed inevitable. Any failure at this level could see a 1.5415.
GBP-USD
GBP/USD, the cable look very similar to the EUR at the moment. But except that the outlook seemed more polarized downward than the euro. If there is a failure we could see a 1.9648.
EUR-JPY
EUR/JPY, is the cross that is most likely to break out this morning than most. It has set itself up for a bullish play this morning. It may not be by much but in comparison to others you have more chance of picking 30-50pips in the morning trade.
In conclusion, all these analyses are heavily weighed upon by this morning economic news reports on intra-day. Trade cautiously to protect your capital. Have a great day of trading.
Tags: asian market, currency pairs, currency trading, economic news, eur, eur-jpy, eur-usd, euro, euro zone, Fibonacci, gbp, gbp-usd, resistance level
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