Intraday Market Thoughts

Archived IMT (2010.11.22)

by Ashraf Laidi
Nov 22, 2010 10:32

EUR off its session highs from the Asian session after Ireland confirmed it would seek an EU/IMF bailout estimated around EUR 80-90 bln. Ireland says tax hikes are not part of the package. A finalisation of the deal is not expected until month end. Even though Irish officials have repeatedly stated they did not need outside help earlier this month, the main purpose for them to accept bailout (regardless of whether it will be activated) has been to appease financial markets. Portugal is also on the radar, raising questions that it could be the 3rd nation to ask for help. EURUSD remains unable to break above $1.3780s, with $1.3820 acting as the 21-day MA. DOWNSIDE BIAS REMAINS. On the downside, support emerges at $1.3620--the 100-week MA, which coincides with the 55-day MA. CAD BROADENS STRENGTH amid the general pick up in risk appetite, USDCAD risks breaking below 1.0100 towards 1.0070, while EURCAD seen adding to losses below 1.39 to 1.3850 with upside capped at 1.3980.


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