Thursday, July 7, 2011

EUR/USD Update

All positive for euro from JCT presser at the moment. Suspension of rating consideration for Portugal, no "selective default" consideration for Greece, inflation expectations elevated, etc. etc...
Longs are going to use today's low for stops and try to hold on for 1.4400 backtest, which we never had.
Shorts will say that ECB will be bankrupt soon due to Greek and now Portugal junk debt tainting their balance sheet. They will use today's high and perhaps 1.4400 as a stop and try to push for lows, and will try to force the test of lower trendline of the daily triangle at 1.4160, if the low of today goes convincingly.

Lets see who wins for the rest of the day...

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