Archive for August, 2008
Yesterday the forex market was again more volatile than it is usually. The big guys played all the trick they know to make some money. “Buy the rumor sell the fact” reaction to the much better than expected US GDP numbers was one of the money making clasics. Fears are mounting that Russia may restrict [...]
Interesting developments in EUR/USD these days. Yesterday’s price action confirmed the beginning of a correction of the recent $ strenght. EUR was helped by ECB’s Weber’s hawkish comments about the inflation and rates. EUR/USD must break above 1.4810 for further advance towards 1.4910/15 and 1.5130. Rising tensions in Black Sea, between Russia and US/West over [...]
Very interesting pirce action yesterday. First we saw a break below the key 1.4630 level and new low @ 1.4570, which is just 40 pips above the double top tartget. Then we had a short squeeze and a rally in EUR/USD towards 1.4740. Today probably we’ll see if this rally was just a positioning for [...]
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After the worse than expected Ifo numbers and bearish statements from Ifo officials EUR/USD broke below 1.4630 and now is targeting 1.4530. From the latter level we can see stronger correction towards 1.4915. Of course any attempts for EUR rally will fail if the Eurozone data continue to dissapoint.
Preparation for bigger correction up or just a pause before another leg down? Probably a few know the right answer but we’ll find it out in the next few days or even today if the Ifo index shows any susrprise at 8 AM GMT. Our feeling is that the path of least resistance is down. [...]
The correction in EUR/USD continued yesterday helped by the much higher oil and gold prices. The market broke above the 1.4820 resistance and now this level act as support. Next level on the upside is 1.4960/80 and if it is overtaken we could see a rally towards 1.5145/60. The bears should take the pair below [...]
After a volatile day EUR/USD staged a modest rally after the London close. Some correction is cooking but the market still is not able to take the resistance @ 1.4820/30. Eurozone’s PMI was better than expected but EUR could move only 30 pips after the numbers were released. EUR/USD is forming a base for stronger [...]
Yesterday we saw the first white candle for the last few weeks. If this is the start of a correction or just a one-day event we’ll see soon. Key level for the move up is 1.4815/20. If the market breaks above it next upside target is 1.4980. Even a move towards 1.5145 is possible but [...]
Today EUR/USD posted a new low for the current downmove @ 1.4630. The market is near the measured target of the double top which is @ 1.4530 and probably will be reached before a decent retracement occur. Today ZEW index is released but probably it will be worse that expected and give another reason for [...]