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Trading The Dollar Index Is As Easy As ABCD
The trade idea from Ian Coleman, from First 4 Trading, is to buy the Euro Dollar pair. He says it's mainly due to what's happening with the dollar index. That saw an ABCD formation complete which could well drive the Euro higher. This week has seen a string of releases out of the Eurozone; the PMI data improved in Spain and Italy, whilst the Italian monthly employment rate hit a record high. Meanwhile, markets have remained jittery about the US ever since the Fed Chairman Ben Bernanke said that the Fed was planning to scale down QE. Ian is looking to buy at the market plus one unit at 130.46. His average is 130.53 and is looking for a target at 130.78 and 131.17.
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