FOREX New York Session Video November 5, 2007

Today's U.S. news calendar featured the ISM services report for October. Although the main ISM number slightly exceeded market expectations, the figure confirmed the recent trend in the index – flat. Those who have followed recent U.S. news reports would recall that moves after news in the direction of dollar strength have, for the most part, lacked follow-through lately. That knowledge, combined with the identification of the nearest real levels of support and resistance, helped traders avoid what would have been a losing trade during the latter half of today's New York session.