Intraday Market Thoughts

Archived IMT (2010.11.12)

by Ashraf Laidi
Nov 12, 2010 15:01

55-WEEK & DAY MA CONFLUENCE; EURUSD STABILIZES, by bouncing off the 100-day MA of $1.3640, but the KEY LEVEL TO WATCH for the week is $1.3525-50, which is the 55-WEEK MA (1.3525) and 55-DAY MA ($1.3535). I discussed earlier this week how $1.3690 was a key support and has yet to be broken since being tested on Oct 19. Despite the rebound to $1.3760 from an earlier intraweek break to $1.3580, we have yet to see a weekly close. This is another reason why I continmue to favour shorts in EURCAD and EURGBP instead of EURUSD.

MY REUTERS INTERVIEW on why the euro is unlikely to fall below $1.30, despite the emerging concerns from Ireland.


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