August 2008 Blog Posts (6)

EUR Rebounding To 1.5180 After Establishing A Foothold above 1.4840/80

020 GMT



The weak US data especially on the US budget deficit and JP Morgan posting a bigger losses than expected in mortgage crisis influenced and supported EUR rebound from Asia low of 1.4815. EUR establishing a strong foothold above 1.4840 during Europe session and above 1.4880 at the end of New York session is setting up the correction higher.



EUR after more than a week of easing since it fell from 1.5500 is presently geared towards taking out the overnight high at… Continue

Added by chosenone on August 12, 2008 at 11:29pm — No Comments

2320GMT EUR is targeting the next move to 1.4760/1.4800 after it finished below 1.4960 in New York. Current level at 1.4895 shall pressure near support at 1.4880 to give way to trigger the fallout. …

2320GMT



EUR is targeting the next move to 1.4760/1.4800 after it finished below 1.4960 in New York. Current level at 1.4895 shall pressure near support at 1.4880 to give way to trigger the fallout. This drop could be the final fallout for this month before EUR is poised to consolidate inside the expected 1.4800-1.5200 range with further move beyond that to be limited to 1.5360/1.5600.



Overall trend though remained bearish for EUR to drift down to 1.3600/1.4400 in the final… Continue

Added by chosenone on August 12, 2008 at 2:00am — No Comments

EUR

1630 GMT



The breakout of the 1.5240-1.6037 consolidation band established since March resulted in a heavy fallout before EUR stalled at 1.4900 during Asia session. EUR attempt to stage a correction continued to be hampered by heavy unwinding by funds, central bankers and long term traders that the bounce was capped at 1.5082.



EUR failure to sustain the bounce above 1.4960/1.5000 at the end of Europe session suggests that it may face further probe at current low of 1.4900.… Continue

Added by chosenone on August 11, 2008 at 7:23pm — No Comments

EUR

EUR



0800 GMT



EUR after failing to gain a foothold above 1.5440 depleted on long liquidation that led to a fallout to a low of 1.5320 in overnight session. It fell further in Asia session on the loss of 1.5240/80 resulting in a new low at 1.5190 a level not seen since March 2008. The move has led to EUR moving out of the 1.5240-1.

Technorati Tags: Foreign exchange,EUR



6037 consolidation band that was established since March. While it has broke away from the… Continue

Added by chosenone on August 8, 2008 at 6:55pm — No Comments

EUR

06 August



EUR

0500GMT



EUR has bottomed at 1.5396 on its fallout from 1.5580. Current move above 1.5440 is setting up the rebound to 1.5520/1.5560 ahead of ECB decision on domestic interest rates. Given the recent weak data pointing towards a economic slowdown and signs of inflation ebbing in the second half of the year, ECB is likely to keep rates unchanged while keeping a hawkish tone. Recent fallout in oil prices and the rebound seen in global equity market provided… Continue

Added by chosenone on August 8, 2008 at 6:55pm — No Comments

EUR

05 August

EUR



0330 GMT



EUR is heading down to 1.5280/1.5360 after repeated attempt to return inside the previous 1.5630-1.5900 consolidation band faltered in past few days. Current move below previous week low at 1.5520 has opened the gate for the first move to 1.5440 if it failed to stay below 1.5480 at the end of Europe session.. This is the first phase of EUR fallout from the high the all time high of 1.6037 where it is targeting a correction down to 1.3800/1.4400… Continue

Added by chosenone on August 8, 2008 at 6:52pm — No Comments

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