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The best pair to trade now

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EUR/USD: Reactions after Payrolls

Fri, Nov 6 2009, 12:13 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team


In general pair remains flat, waiting for NFP, consolidating just under the 1.4900 level, 61.8% retracement of the last daily down leg, yet slightly bullish at this point. However, this employment report has the ability of ignore technical signals. Above 1.4930, pair should quickly approach to 1.4970 area, with next resistance level around 1.5010, if data is better than expected and stocks jump to the upside.

On contrary, a bad reading likely to send stocks lower and put risk aversion back in the table. Pair has supports at 1.4840 and 1.4800, and only under this last, downside could accelerate to 1.4750 area, ahead of 1.4710.

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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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