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All eyes on Non−Farm Payrolls.

Fri, Jan 9 2009, 00:48 GMT
by James Whyte

ForexAmericas


Market View


Today's US markets closed mixed on the back of better than expected jobless claims. The data came in at 467k from a forecast of 545k, surprising the market. This morning President elect Barack Obama spoke about his economic stimulus plans after he takes office. Overnight the BOE kept the official bank rate at 1.50%, which was what the street was expecting. All eyes remain on tomorrow's NFP numbers from the US and the manufacturing data from the UK.

EUR/USD: We are looking at resistance in the Euro at 1.3835/40, which was a series of hourly lows on December 31 and January 2, before its collapse on January 5th. It also happens to be the 50% retracement from this high of December 29th at 1.4360 to the low on January 6th at 1.3315. We would look to be short at 1.3820/30 for a target of 1.3560.

EurUsd Chart


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