FOREX DAILY OUTLOOK October 30, 2009

A possible bullish reversal occurred yesterday, specifically on the EUR/USD pair after a better than expected advanced reading of US GDP, a growth of 3.5% instead of 3.2% expected. Digging deeper, well find that autos accounted for a very large portion of this number. The bounce off of 1.4680 coincided perfectly with the 61.8% retracement level from the recent low of 1.4500 to the high of 1.5060. With more econ data out tomorrow, well see if this trend against the buck continues. Many analysts are still split between the economic recovery and a possible double dip recession. Many blame the stimulus plan for the better than expected data and say it cannot be sustained, others are saying that this will provide the stepping stone for further growth. Only time will tell.

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