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Belgium’s Reynders: Europe’s banking system not stable
By Jamie Coleman || July 6, 2009 at 15:18 GMT
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As well, the FinMin says the Eurogroup needs to look at how to coordinate stimulus plans and reach budget balance.
The banking system might not be stable but EUR/USD has found some stability after probing below reecet range lows in the 1.3880s but finding limited follow-through. 1.3936 is the 38.2% Fibo of the drop from 1.3998 and helped cap earlier gains.
Technically the EUR was oversold at the lows, hit -3.0 Bollinger band readings, and has since then crept back up to the normal distribution channel 1.3920/75, the 24-hr M/A currently around 1.3946 dictates a fade rallies approach although caution is advised as there is very little interest and volumes are extremely light…