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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
1st profit on a virgin trade. Beginner's luck.
to the downside we have support coming in around 3750(where i expect a bounce back up to 3850 level initially)level then further down around 3690/3700 level...
if Euro will be breaking down lower later today.... 3850/60 would act as strong resistance
THOSE WHO TRADE FX ON HIGH MARGIN have been stopped out or margined out of positions in AUDUSD, GBPUSD and EURUSD, but each of these pairs continued to respect the important resistance levels of 1.02, 1.6350s and 1.4320s respectively.
AUDUSD rests on the 1.0030s support. A close AT parity would be deemed a a break of this trendline, thereby paving the way for 0.992s0. UK industrial production and manuf output both beat expectations at 4.4% and 6.8% y/y respectively, but we could well see this as an opportunity for shorts to pile in near $1.6190-1.6220s ahead of what is expected to be a no-rate hike from the BoE, with the renewed downside falling on the back of the latest bout of risk aversion. USDCHF eyes a gradual retest of 0.9380, followed by a possible 0.9460s into next week.
Ashraf