IFXA

Euro Likely to Consolodate in Range. Dollar Surging Against Yen

After making an overnight record high, Euro will likely trade in choppy ranges and most traders I spoke with said that they expect very choppy price action with some analysts suggesting that Euro could retrace several big figures down in the next few weeks. In ForexTV’s AM Forex New York, Brown Brothers Harriman Senior Currency Strategist Meg Brown says that while momentum is still in Euro and will likely test 1.60 again within the session, a failure to break that mark within a week could trigger a sharp correction of “2-3 big figures.” However, as reported in last night’s ProSticks technical report, it suggested a 1.65 level within weeks.

Dollar continues to gain on Yen due to risk factors but rapidly approaching technical resistance at 102.60.

This entry was posted on Wednesday, April 30th, 2008 at 6:39 am and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.