Forex Trading: EUR/USD Moves Up On The US Employment Report

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Forex Trading: EUR/USD Moves Up On The US Employment Report

By Greg Michalowski on March 6, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The reaction in the currency market has been for dollar weakness except for the USD/JPY. EUR/USD has moved up/dollar down post the number. A new high for the week has been established at the 1.2744 level. The high a week ago was 1.2750. Perhaps there is some resistance against this level. The 200 hour MA is at 1.2658. The 1.2663 level is the 38.2% retracement of today’s move. It also corresponds to the an earlier floor today (see chart above). Watch this level.

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The bias is to the upside but the market is hard to trust. The weak US employment report should weaken the dollar, but the global impact will also be felt.

Equities are higher this morning which is hard to figure except to reason the market was looking for worse. The revisions on top of the current month mix seems bad enough for me.

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