Intraday Market Thoughts

Another 200-pip Friday Jump for the Euro

by Ashraf Laidi
Jun 3, 2011 17:44

Another proof why Europe/IMF will keep Greece funded occurred today. With the latest agreement in place for a second bailout for Greece, poor US jobs data (from 232K to 54K & unemp rate to 9.1% from 9;0%) confirming the dismal ADP & manufacturing ISM, EURUSD rallies on good Eurozone news & bad USD news. We now expect TRICHET to RE-open ...

... expect TRICHET to Re-open the door for a possible summer rate hike before BERNANKE's s FOMC press conference to complete the upward path.

BUT THIS IS NOT ALL ABOUT about FUNDAMENTALS ... We saw last Friday EURUSD jumped 220 pips to close at its 55 dma and meet the technical test. If you are a premium subscriber, you would have seen in yesterday's charts why we mentioned 1.4520 and 1.4940 in EURUSD BEFORE Moody's warned on the US outlook and before markets had a hint about any Greek Troika deal.

All you have to do is TRY OUR PREMIUM OFFERING on how we combine technicals w/ fundamentals to make our case forward. To subscribe, please click here:



Latest IMTs