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Monday, May 07, 2007

EUR/USD: Holding Ground; Wall Street Opens Firm

EUR/USD is consolidating gains around 1.3620 after breaking higher earlier in New York trade. Forex markets are concerned that the Fed may shift their bias to neutral at midweek but the equity markets in the US seem to be celebrating that same potential.

Offers are eyed toward 1.3640/50 near-term, while bids have inched up to 1.3605/10. Small stops from intraday players lie just below 1.3600, guarding against a failed break out.

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