Archive for July, 2008
2/3 of the position were closed @ 169.09 for 60 pips profit. The rest of the position is still open with stop @ 169.69 and target 168.30
EUR/JPY posted a new life tiem high yesterday. The mood for the pair is still bullish but it is overbought and due for correction. Stock markets are lower across the board after the worse than expected results from AmEx and Apple released after the bell yesterday. If today’s bank results are better than expected we [...]
EUR/USD continued its climb hihger yesterday after the worse than expected results of AMEX and Apple after the bell. The market is again near the 1.60 handle and more verbal intervention from EU officials could be expected. Fundamentals in Eurozone are worsening but the fund and reserve managers are happy with the interest rate differential [...]
EUR/USD made 50% correction of the fall from the life time high. The better than expected results from US banks and companies provide support for the dollar while the hawkish comments from ECB officials are bullish for the Euro. That is why the EUR/USD consolidates between 1.5780 and 1.5910 in the last few days. Support [...]
Mr. Trichet finally realized that the Euro rally is dangerous and said that it is very important that US Pres George Bush and Fed Chair Ben Bernanke (not forgetting US Trsy Henry Paulson) say that a strong USD is in US interest. He also pointed to a eurozone growth slowdown and neutral ECB policy bias. [...]
Yesterday the fall from the sky for the Euro continued. The low of the hanging man candlesticks pattern was broken and if this break is confirmed today we can expect further dollar strenght. That fact that even Bill Gross (PIMCO’s boss) turned bullish on the dollar is extremely important. It seems that this time politicians [...]
Yesterday EUR/USD completed a perfect 2B set up. After the ZEW numbers the pair made a new life-time high above 1.6018. This new high was not sustained and the market moved below the previous high. At this point we sell 2 pips below 1.6018 and place protective stop above the new high (1.6037). In this [...]
After the new life-time high yesterday the EUR/USD reversed sharply and left a hanging man candlesticks pattern on the charts. Probably the speculators have realised that ZEW index below -62.2 means RECESSION in the Eurozone. It’s time for ECB to see this and to cut the rates. Support is @ 1.5840, 1.5800 and 1.5710. Resistance [...]
Another crazy day in the forex markets. No one seems to care about the fundamentals these days. Much worse that expected ZEW numbers prompted EUR buying which resulted in a brand new life-time high. Probably ECB will have to cut the rates sooner than they have ever thought. Why not in the next few meetings.
Bearish reversal on daily charts after the less hawkish than expected Trichet and almost exactly as expected NFP numbers. Telegraph says that: EU politicians are mulling using an obscure treaty article to curb financial speculation, in an attempt to force down oil and food prices and counter the influence of hedge funds. Now when even [...]