Some people will never learn anything because they understand everything too soon. ~ Alexander Pope
Good morning. It’s been a bad year for the euro and it ain’t over yet, as there are only two more days until 2012 and the euro has breached below $1.30 and reached 100.30 against the Japanese yen – the lowest level in 10 years. Today’s Initial Jobless Claims (FX Calendar) is the last important economic release of 2011 and tomorrow should be rather quiet due to lack of events and preparations for the New Year’s Eve. Let’s take a quick look at some of the last charts of 2011
USD Index
Recent top near 81 is under pressure as last correction to mid 79 is over. Uptrend is intact & strong as EURUSD continues to slide, so best thing to do right now is to remain bullish on USD
USD Index Daily Chart 12-29-2011
EURUSD
Two days ago I was rather expecting the tight range to remain intact until January or perhaps see a correction towards 1.32-1.33 due to bears closing positions before year end, but it seems they don’t miss the selling opportunity of one last decline in 2011. Is the pair about to close below 1.300 tomorrow? – then selling in the 1.2980/00 region on weak rally is a plan to consider.
Euro Vs US Dollar Chart 4hrs 12-29-2011
USDCAD (more…)
- Continue reading: Dollar Continues Uptrend; EURJPY Testing 100
