FOREX New York Session Video January 15, 2008

A report today from the Department of Commerce revealed that U.S. retail sales dropped unexpectedly from November to December, sparking further dollar weakness across the four major currency pairs. Unfortunately, hopes of a 50-pip profit from a move by the EUR/USD to today's M4 pivot point were dashed when the euro reversed at R1. Fortunately, the EUR/JPY provided traders who missed its earlier downward moves with a second chance at the midpoint of the session. Those who exited their short trade at the weekly S2 pivot point realized a net profit of about 60 pips.