The dollar rallied overnight after Dr. Bernanke said the current turmoil can hit many outside the markets and the Fed will act as needed to protect the economy, leaving the door open for an interest rate cut in September, theoritically bad news for the US dollar for months to come..
One of the pivotal events of the week, aside from the big-daddy NFP data, is the ECB interest rate announcement. Opinion on whether ECB will hike or not is split into 50-50. Nonetheless, it should add more volatility to the forex market...I expect the euro to move out of its range this week..
Euro will face resistance at 1.3650, followed by 1.3680 and 1.3700. Support starts at 1.3600, backed by 1.3570, 1.3550 and 1.3520. Happy trading guys!!
Monday's Calendar:
~none~
Monday's Strategy:
1- Buy euro 1.3620, 1.3600
2- Sell euro 1.3650, 1.3680
Monday's Pivot Points:
R2 = 1.3720
R1 = 1.3685
PP = 1.3655
S1 = 1.3591
S2 = 1.3556
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