Week of August 19, 2008-American Session

The US dollar has given back some of last weeks gains during the early US session today, as the fall from last week’s EURUSD high at 1.5083 remains active, as only a daily close above 1.4802 will complete this fall at today’s 1.4628 low, otherwise, the short term trend remains down. Intraday favors continued rise with a sustained break of 1.4742 targeting 1.4802, as the Euro is broadly bid today against the USD, GBP and JPY. Look for dips towards 1.4720 to set intra-day longs for 1.4802 target. Elsewhere, GBPUSD fall from last week’s 1.9256 high remains active as only a daily close above 1.8796 will complete the short term fall at Friday’s 1.8512 low. We will have more updates later.

Forex Signals Plus, RW