Euro Net Spec Shorts Seen Followed by EURUSD Spot

Net speculative shorts in EUR vs USD have reached 85K contracts, their highest since mid June 2010 .... which is the worst of last years PIIGS crisis, coinciding with the bottom in EURUSD at 1.1870. With the Eurozone landscape deteriorating following 4 bailouts (2 for Greece, 1 for Portugal, 1 for Ireland) and the AAA rating of France and Germany on the verge of being re-considered (or downgraded), the arguments for further downside in EURUSD is bolstered further. For the Technically-versed readers, EURUSD remains a head-&-shoulder formation, with 1.29 seen re-emerging before mid Q1 2012. As hedge funds further unload EUR longs, while others re-enter fresh shorts, the EURUSD spot rate is expected to catch-up with surging net short-interest in EURUSD. None of these conditions are expected to stabilize the soaring swap costs of USD at Eurozone banks.
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we're new below it that Yellow line at -116K and EURUSD has dropped well below that yellow line.
Ashraf
(Like fxpanther, I avoid calling H&S unless near perfect, just my opinion).
You're asking ME to "slowdown". I thought you were ahead of all of us.
Vaquero, Alex, fxpanther,
If you want to find the perfect H&S with perfectly horizontal neckline & shoulders, youll be waiting a while.
1.4270-80 is R & L shoulders. Imperfect head. Yes, it's far from perfect
Ashraf
And remember, my analyses or anybody's else is just as good as yours.
be disciplined,
fxpanther
I am new to your site = its great, I cannot make out the H & S on this chart either,--- what would be the neckline figure (price) ?
Thanks