EUR Trading Outlook (10-05-2011)
The Euro (EUR) a brief recovery rally was abruptly ended in the European session when S& P cut Greece& rsquo s rating. The March German Trade Balance was very strong at 15.2b vs. 12.5bn previously. The market found support under 1.4300 and was able to bounce in the US to roughly opening levels. Overall the EUR/USD traded with a low of 1.4253 and a high of 1.4443 before closing the day around 1.4370 in the New York session. Looking ahead, Q2 Swiss Consumer Confidence forecast at 10.
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