FOREX VIDEO | NEW YORK SESSION REVIEW | January 29, 2008

The EUR/USD, which had been rising since the London open, managed to make a higher high during the first hour of today's New York session. However, technical and fundamental analysis suggested that the recent rise might be merely a correction in the drop which began the previous day. The euro's rise ended at exactly the 50% Fibonacci retracement level of that drop, and the continuation which followed produced a classic three-wave impulse pattern which reached the daily S2 pivot point at the London close. Those traders who took the shot and let the euro run, were rewarded with a 200-pip profit.

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