Tuesday, July 5, 2011

EUR/USD update

Well, euro showed us that it is only one sovereign debt downgrade away from a train wreck. Portugal is in the mix in the last 45 minutes. As I mentioned before support comes in @ 1.4400 level, with 50 day sma, weekly pivot, and 50% fib around there as well. This level has to hold for longs to feel in control. Stop hunt is probably the game plan for Asia session, as Europe is closed and US is winding down. Longs will try to hold on but should news flow deteriorate, watch out below. Still rate hike coming on Thursday, balanced act here, not a one-way down, imho...

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