Tuesday, October 25, 2011

Fading the Euro Optimism

EUR/USD Daily chart looks like stalling at the 55-Day MA at 1.39 just shy of the 61.8% Fibo at 1.40.

It seems like too much effort has been wasted on pulling that stunt so far - 5 days in row tight range and with usd/jpy finally dropping to punish all those easy believers in the BOJ magic + the dissapointment of the EU summit time looks ripe for some reaction.

In addition the 55-Day MA at 106.74 doesn't look like easy beam to hop above.

No comments:

Post a Comment