EUR - USD 6 AUGUST 2009 ( RESULT PROFIT )

The EURUSD continued to consolidate in range bound area yesterday, as you can see on h4 chart below. It is clear that the market need significant fundamental catalyst to make a break on either side. Today we will have ECB rate decision which expected to keep rate at 1%. However I think the market will focus more to ECB press conference regarding overall monetary policy and Euro economy outlook. Given the facts that investors may begin to have growing optimism about world economy recovery but no signs of a strong recovery in the Euro, the ECB statement is likely to be “flat”.

11PIPS WITH ROKOKSALEM

BUY/LONG : 1.4423 ET /TP: 1.4433 SL: 50PIP