November 3, 2011 Forex Signals Report

The Euro has rallied 1.3% overnight as Greek Prime Minister George Papandreou announced he will not go ahead with the referendum he threatened the markets with earlier this week. Lows were reached earlier in the session after the ECB decided to cut interest rates by 25 basis points and announced Europe could be heading towards a ‘mild recession’. Sending the shared currency initially back towards lows of 1.3660, it was the relief Greece would not have the opportunity to reject the recent bailout package and exit the Euro zone that initiated the move higher once more.

Holding above 1.3800 the Euro opens at 1.3810 against the Greenback although plenty of downside risk still remains as the G20 continue their summit today in Cannes. The recent actions of the Bank of Japan continue to restrict trading ranges of the USD/JPY and the pair still oscillates closely either side of the 78.00 handle.

Now, on to our open positions and new trades. Lets take a look at the specifics:

Open Orders

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New Orders

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