Dollar Versus Euro and Pound May 24th

FX Strategy Video > Currency Pairs Analysis

EUR/USD had a bearish day yet again on Wednesday as the fears of the area continue to be front and center. There was a bit of "hopium" at the end of the session as the Italians and French agreed that they wanted Germany to back their bonds. (Big surprise.) Of course, Germany isn't going to do it and the market will be disappointed again. Selling rallies looks to be the way to go.

GBP/USD had a bearish day as well. The pair is approaching the 61.8% Fibonacci retrace level, as well as the 1.5650 level. A bounce form this area is possible. A failure of support is extremely bearish for the Pound.

Published on 23rd of May 2012
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