Tip for the day - forex

Update Time: 27 Nov 2009 08:43 GMT
EUR/USD - 1.4872
The single currency tumbled to a low of 1.4827 on dollar's broad-based rebound, suggesting decline from this week's 15-month high of 1.5145 to retrace recent upmove remains in progress and further weakness towards 1.4800 support is likely, however, oversold condition should prevent steep fall from there and reckon 1.4739 would hold from here.

On the upside, only a breach of 1.4959 would signal the corrective fall has made a low and bring gain to 1.5033.

Dollar rises broadly as Dubai debt woes boosts demand for safe-haven asset
The greenback strengthened against most of its counterparts on Friday as investors cut risk exposure amid concerns of a possible Dubai debt default. Although the dollar nose-dived against the Japanese yen to a 14-year low at 84.82 in Australian trading, the pair then rebounded strongly at Tokeyo opening after Japan Finance Minister Fujii said that he was flexible about contacting with the currency authorities in the U.S. and Europe in response to the yen’s recent surge. Usd/jpy later rallied to 87.02, eur/jpy jumped from 126.95 to 130.16, ...