Reuters: Rajoy considering asking for help from ECB’s bond buying program. EUR/USD up to 1.2885 from
The short term charts are bullish but somewhat overbought on most indicators; the daily chart is in retracement mode but is running into initial resistance near 1.2885 with stronger levels at 1.2935/40; and the weekly chart looks to have scope to test the full 38.2% retracement of the 1.4930/1.2040 decline which comes in near 1.3140.
I’m thinking we might see some volatility in the EUR in early European trade and I favour playing this through the EUR/AUD cross. If the German constitutional court delays its decisions on the ESM, this will be short-term bearish for the EUR. On the other hand, the iron ore price rose by 7% overnight and this could
Looks like the first level of interest this morning will be 1.2750, with bids reported there and stop-loss sell orders just below. I’m going to wait and see if the level breaks, then hope for a rally to sell into, perhaps in early London trade, looking for
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EUR/USD: Picking up plenty of selling interest now above 1.2820 with light bids starting at 1.2770. Plenty of activity today with ACBs, real money and macro funds all active. Expect to see SNB selling EUR in early European trade through Dutch Prime Broker. AUD/USD: Bids near 1.0330 and offers above 1.0425 should ensure range trading
As you can see from the attached chart, the 61.8% retracement of 1.3280/1.2040 comes in at 1.2825 and this level should attract plenty of profit taking interest. EUR/GBP has made a bullish break above .7965 and both EUR/AUD and EUR/JPY are consolidating recent bullish moves, all of which points to continued support for the EUR. Buying dips is
Sell orders solid 1.2650/60 from real money and corporate accounts Heavy stops from Hedge Funds above 1.2665 Click here for more Flows and Orders
Initial technical support for the EUR/USD is at 1.2560 and there are stop-loss orders placed directly below there. Further support at 1.2480/1.2510 is expected to be tougher to crack. Resistance begins at 1.2630 with more at 1.2556/60. Sell orders are noted 1.2650/70 but there is also talk of large stop-loss buy orders above 1.2665.
Sovereign bids are reported near 1.2480/85 and they should provide support during Asian trade. The hourly chart looks to be in an 80 pip range between 1.2480/1.2560, so I’d tend towards buying intraday dips as long as 1.2470-ish holds. EUR/AUD and EUR/GBP would both seem to have upside potential towards 1.2150 and .7960 respectively, favouring the
A large Dutch Prime Broker has been working a big sell order in the EUR crosses, mainly targeting EUR/GBP, EUR/CAD and