Friday, July 8, 2011

EUR/USD July 8

Bouncing inside y/day's range. Euro is not sure what to do. On one hand there is a storm brewing in Italy (did not take long, I said after Greece Italy is next). On another hand ugly NFP killed the dollar, because of US yields cratering this morning. QE3 will be the notion of the day (I already said QELite is here to stay).

Technicals: no change since y/day. 1.4400 is the resistance and YL @ 1.4220 is support. Range traders are in charge for now.

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