Daily Recap of the Cowabunga System for Thursday, 08/07/08

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graff from the fx crew in new york

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http://www.managedforexprogram.com – Do you want to learn to Trade Forex Currency like a pro, our website contains over 100 of the worlds Top Money Managers offering Managed Forex Accounts for FREE!

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Two U.S. news reports provided some surprises on the eve of nonfarm payrolls. Weekly jobless claims, although apparently skewed by an emergency unemployment compensation program, attracted attention by posting a 5-year high. Q2 Advance GDP was lower than expected, and revisions to previous quarters indicated that the US economy actually contracted during the final three months of 2007. Traders who were looking to go long on the EUR/USD found a classic news trade setup, featuring a near-perfect bounce at a 38.2% Fibonacci retracement level. The subsequent move, which ended at an overlap of the hourly 200 ema and a psychological level, yielded 55 pips.

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Felix Homogratus checks whether MB Trading forex broker provides natural and real trading environment

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