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Re-tracement seems to be the order of the day

Posted on April 21, 2009 at 8:54 in Uncategorized by Pierre Charlebois

Indeed the US equities markets seems to be finding a base for now.

A sideways market there, seems to be translating into a correcting market on the EUR and GBP pairs. Look higher for the EUR and GBP today.

I would expect this action to be the order of the day. However I would remain cautious about a return to the downside later in the session or tomorrow. Strong moves like yesterday’s are usually followed by subsequent strength in the same direction.

A little bit like the second high tide.

Use shorter term strategies today and then we can look for fresh tops on which to sell the EURO.

Cheers

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