Forex Yellow Pages

FOREX New York Session Video February 7, 2008

The EUR/USD broke support at the 1.4600 psychological level, and the European Central Bank announced its decision to keep rates on hold, during the hour prior to the start of today’s New York session. Traders who took the short trade entry at the re-test of the figure were in excellent position to capitalize an hour later. The euro dropped to the tune of 60 pips in response to the speech by ECB president Jean-Claude Trichet, whose comments were less hawkish in comparison to his recent language on monetary policy. The move from conservative entry to logical profit target produced nearly 90 pips before the session’s first hour was complete, and a second chance trade about two hours later was good for an additional 50 to 70 pips.

Tags: , FOREX New York Session, Jean-Claude Trichet, Video