Archived IMT (2011.02.18)
STERLING & EUR ON THE RISE FROM RETAIL SALES & ECB TALK. EURO LIFTED by ECBs Bini Smaghi's rate hike comments (ECB may raise rates as price pressures mount) This helped lift $EURUSD by 60-70 pips to $1.3620s, now looking to break out of $1.3620s trendline resistance, eyeing $1.3685s. Shorts ought to be protected up to $1.3750s right shoulder. GBPUSD breaks above $1.62 as UK Jan retail sales jumped 1.9% (3x more than forecasts) from 1.4% in Dec. EURGBP stabilizes after retesting 0.8350s. The cross increasingly confirms its bearishness of the past 4 months as the wedge tightens towards the Jan 2009 trendline support of 0.8360. Looking for 0.82 as the next key support (200 week MA). CHINA RAISED its RRR by 50 bps but the news is now shadowed by the G20 remarks in Paris. AshrafLaidi.com BOOTH # 5802 at NEW YORK TRADERS' EXPO Sunday-Tuesday (Feb 20-22). http://bit.ly/hVHvRE
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