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Forex Pub Report, September 19, 2005 |
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On opening this morning, the euro took a big dive, sitting in the
1.2170 range and then continued to drop. Look for it to flirt
with 1.2100 with a few corrective bounces along the way.
...and the experts say...
(ACM-Refco) NY closed below key 1.2260 and the market opened with a 60-pip
gap at 1.2170 this morning, reaching a low of 1.2140. Bearish
trend-line is up at 1.2260 this morning, since there was not much
reason for the early sell-off, we should really pull back to 1.2240 and
close the gap before shorting fresh EURUSD. Next big support is 1.2110,
don’t expect this to break today and suggest buying in case we see a
dip in early Europe.(more)
(Saxo) EUR/USD gapped lower on the opening on the uncertainty surrounding the
German election results, and even took out the 1.2130 support as of
this writing. The pair could continue to slice lower toward the
psychologically important 1.2000 are in the coming sessions and could
even overshoot to the downside if the Fed comes out hawkish. 1.2200 is
now the key resistance.
Trading stance: play the short side below 1.2130 looking for 40 pips plus of profit. (more)
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Forex Report