The Pound had a major reversal this morning that seems to have temporarily eased U.S. dollar pressures.
The Russell opened to early upward pressure seen in the pre-market Dow but quickly met resistance at the 793.00 area. So far for the morning it's been pretty choppy and the market hasn't moved out of this 790.00-793.00 area.
Pound trades for the morning include closing yesterday's long (was closed at 2:00 a.m.) for a 47 pip loss. This position was immediately reversed and now we are short at 1.9757.
The only Russell trade for the morning so far was at 6:57 short at 792.00 for +1.5 points.
Net on the morning: -47 pips
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Online Encyclopedia of Trading Psychology
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