SpotEuro Forex Daily Outlook August 20, 2010

Happy Friday Traders!

MARKET UPDATE. Still Trading sideways. With no more important economic data out this week, we'll look at any big move as a late reaction to data that was released earlier in the week. We continue to see mixed economic conditions and with the market rejecting the recent strength in the pound following better than expected UK Retail Sales data, a move in favor of the dollar may be in the works. We're looking to break out of the current consolidation period; however, I hope it does not occur today. We don't want to hold positions over the weekend during these uncertain conditions. We will hope to see the markets continue to consolidate and given the volatility over the past few days, perhaps the next big move will be the breakout we've been waiting for and we hope it comes during Monday's London session.

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