Top
New York  London  GMT  Tokyo  Sydney 

EUR/USD back in neutral after multi-1.3920/30 stalls

By   || June 16, 2009 at 17:14 GMT
|| 0 comments || Add comment

6-16-spNo what? Damned if I know…Near-term, it looks as though the 1..3920/30 area is now a firm cap amid talk of Chinese selling on strength. Three tries to overcome that area failed and we’ve not slipped back below the 1.3850 intraday support area and have retraced a bit over half of the 1.3747/1.3932 rebound. 1.3818 is the 61.8% retracement of today’s range.

Looks like equities are feeding off dollar strength and vice versa again today. Given that stocks are in danger of rolling over again, a sustained bout of dollar strength could be the result.

Keep an eye on the 908.00 area in the S&P 500. That is the 200-day moving average. A break below will unnerve some of the short-term bulls. 880 would then become the critical line in the sand.

6-16-eur-5-min

Share and Enjoy:
  • RSS
  • Facebook
  • Twitter
  • LinkedIn
  • email
  • Print
  • Add to favorites
  • del.icio.us
  • Digg
  • NewsVine
  • StumbleUpon

Add a comment

Comments are closed.

Bottom