Forex Daily Podcast - Thursday, February 2, 2006

Yesterday we were looking for a correction up on the EUR which would have been an impulsive move upwards. When that didn't materialize we knew quickly that we were looking at the wrong move and therefore needed to get to the sidelines and reevaluate. That's important part of trading if you get it wrong, reexamine and look for the next trade. We still continue to look for a stronger USD since the EUR/USD topped on Jan 24 and want our large trades to focus on this direction. Today should be a sideways day as people wait for tomorrow's announcements. The EUR currently trades at 1.2060 The GBP has been stuck in a tighter range and currently trades at 1.7747 The CHF currently trades at 1.2904 The JPY should run to the 118.70 to 119 level before correcting it's most recent move up, The JPY currently trades at 118.55 The CAD has been moving against the strong USD trend and currently trades at 1.1425 Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading