The continuing strength of the USD has been fueled by several factors relatively overlooked by some analyst, traders and retail main street investors.
And this is primarily due to the market's pessimistic focus on the European crisis. Not to mention the G8 summit meeting's stance in dealing with the global economy. As market volatility increases, speculative net positions generally by traders across the financial and commodity markets have continued creating price action across the board in both directions. The overall market performance of oil at the 92.oo levels, gold prices heading south to its critical support price of 1522.45 and likewise the Stock markets in both sides of the Continent has been feeling most of the pinch due to European debt crisis.
With that said,the EURUSD obvious trend position to move lower has been in the airwaves with cautious investors in taking a more aggressive stance of shorting the currency versus the USD. Currently marking a 1.2614 low, the magic number to really focus on would be the 1.2580 which is not too far from its working price at 1.2652 as of this writing. With limited market potential for now, one would have to think twice in trading the currency pair. And would well be advised to focus on other pairs relatively with better trading set-ups that would be more suitable. Link: The market place by MegaTrade101
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