Intraday Market Thoughts

Archived IMT (2008.10.21)

by Ashraf Laidi
Oct 21, 2008 17:15

From my morning EURUSD analysis to CMC clients: "Theres no sign of improvement in sight for the euros short-term fundamental outlook as the currency falls into the category of shorts during rising risk aversion. The sympathy selloff spilling over from GBP as a result of plunging CBI trend survey served as a driver to the selling. With further UK data on hand this week, prospects for cross selling in European currencies against the dollar remain considerable. Interim target stands at 1.3160 and 1.3130. Major support stands at 1.3100, which is the low from March 2007." Now that we saw $1.31, euro bulls must be warned from a 70% chance of seeing $1.2870 before month end.


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