Friday Market Update-ForexBrokerInc

[ForexBrokerInc]

Over the last 48 hours markets have recorded remarkable movements that can be connected with a heavy sell-off of the greenback across the major currencies.

Heading towards Wednesday’s FED announcements institutional USD buyers seem to have offloaded their heavy dollar positions, resulting in some 400-500 pip movements across the currency basket.

The anti-USD rally didn’t last long and prove to be another good opportunity to get back into trends and continue buying into the dollar.

Today’s European session have been quite bearish towards the US Dollar and most currencies advanced once again. The US open appears to be limiting early gains and this week is set to finish below early highs.

EURUSD finds a great support at 1.0620 and during next week the pair may find its range between 1.0620 and 1.09. A break above 1.09 would attract Euro buyers till 1.11. On the other side a break below 1.0620 would signal a move towards 1.0460.

[Michael Howard]

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