HedgeFundLIVE.com — The trading correllation between the EUR/USD and the S&P held firmly today, showing consistent price action. As I am writing this, the EUR/USD pair is slightly up and slightly above support. The support is at $1.42 which coincides with the fib retracement level of 23.6 (based on low 6-7-10, high on 5-4-11). The candle is moderate to bullish, and seems to be holding above support after breaking through it in early morning trading. I expect tomorrow to have bullish action, but with the support zone already broken the new downtrend is still in tact.
EUR/USD respected support at 1.42
The Aussie showed similar price action to the EUR/USD today….
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