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Monday, March 1st, 2010 Recap: The Pound plunged today as a result of polls showing the probability of a hung Parliament in the UK which would make it difficult for the government to agree on measures to cut the ballooning budget deficits. The Euro slid as well. However positive news from the US on consumer spending and manufacturing gave the Dollar a boost against the Yen and helped buoy higher yielders. A strong GDP release from Canada helped the Canadian Dollar surge vs. its rivals. News Provided by fxtimes/CMS Forex www.fxtimes.com http Analyst: Nick Nasad Open up a free practice account and start trading Forex today.

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The US dollar rebounded during today’s New York session after hitting a 14-month low earlier in the day. A short trade from the top of an intra-day channel on the EUR/USD currency pair produced between 85 to 130 pips [depending on exit strategy].

As we approached today’s London market open, we found ourselves in a nice continuation short on GBP/USD and GBP/JPY from a late pre-London entry. However, exactly as London was opening we found the GBP/JPY sitting exactly on the daily S2 reversal pivot point, along with also sitting on the weekly S2 reversal pivot point. How often does that occur, not often right? Anyway, we also were sitting on a trend line support for the USD/JPY (daily chart), along with GBP/USD at it’s M1 reversal pivot …

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The US dollar had been mostly range-bound through today’s Asian and London sessions. At the US equity market open, the major stock indexes showed red, and with it came USD strength. The EUR/USD currency pair offered a classic second chance entry after a range breakout move. A 60-pip profit was the reward for traders who let that trade run to the London close, while the cable produced a move roughly double that size.