Quote of the day:“In a networked world, trust is the most important currency.” ~ Eric Schmidt
Good morning. Yesterday’s euro recovery was short-lived as the pair fell back below $1.37 during the Asian session and reached a 10-year low against the Japanese yen. A conference call between Greek Prime Minister George Papandreou, Angela Merkel and Nicolas Sarkozy is one of the most important events today and the euro is likely to remain under pressure ahead of the event.
Here’s a quick look at some charts of interest
EURUSD
Selling on signs of weakness (easy to spot – they’re everywhere) is the best thing to do while it holds below former bottom around 1.39
Euro Vs US Dollar Chart Daily 9-14-2011
EURAUD
As you can see, the euro is performing better than the Aussie these days, even though it is taking a beating against its major counterparts. The potential breakout highlighted in my article yesterday is in place and first support is now seen between 1.3230 and 1.3270.
Euro Vs Australian Dollar Chart 4hrs 9-14-2011
EURGBP
Support around .8650 still holds, so the recovery is intact. I remain bullish on EURGBP as long as we’re trading above .8600
Euro Vs British Pound Chart 4hrs 9-14-2011
USDCAD
The reversal candle formed two days ago after reaching parity was, indeed, a good selling signal. Sentiment remains bearish although the US dollar is recovering some ground today.
US Dollar VS Canadian Dollar Chart Daily 9-14-2011
have a great day!
Did you have a look at the monthly EURGBP lately? I see a bearish flag.
And btw. Jr. will arrive when he will want to… He's not stupid, if smtg will bother him he will let mum know. Don't rushed him out, just because doctors tell you so. Trust mother nature. If Alex wants to ask questions she can skype me and we'll have a chat.
Hi Daniela
No, I did not. I watched only the lower time frame charts (4hrs, daily). Hmmm, not sure about the bearish flag here because it's been a bull market since `99 and current decline (from 2009) looks rather corrective so far. My point is that since we're not clearly in a downtrend, a bear flag is quite unlikely to be valid
The doctor doesn't want to and that's why she's visiting the doc again today, maybe there's a slim chance that jr. turned or is turning
Will let you know how it goes, I'm sure everything will be alright :)
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