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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
Last week the euro traced out a range between Y125.49 and Y110.67, the week's low being the current low for the euro's downtrend from the July 2008 high of Y170.02. As the last bar on the weekly chart shows the euro, trading now at Y119.80, is still trading within last week's range and so its upside momentum is slight. See chart at
http://www.dowjoneswebservices.com/chart/view/3944
The euro wouldn't have broken out of its current downtrend against the yen this week unless it took out downtrend channel resistance at Y125.16. On the other hand, that channel resistance is falling, to the advantage of the euro bulls, of course. Resistance next week will fall to Y124.52.
But if the euro turns down and takes out Y116.94 support, then traders would have the technical signal for a move down to Y113.75. In that case take profit in the Y115.02-Y114.38 support band.
Decisive trading below Y113.75 would probably imply that the euro's current downtrend against the yen was about to be extended.
If the medium term means 1 year 2 year then why should they be concerned when there's funding available for the next three years to Greece.
A downgrade "will most likely be within the Baa range," Moody's said, in a special comment outlining its sovereign rating approach in the financial crisis.
The comments echo those Moody's made April 29, when it said that "a multi-notch downgrade is likely" and should be based on "the country's medium-term credit fundamentals" because liquidity and debt restructuring risks were "negligible."
Moody's downgraded Greece to A3 from A2 April 22, and placed the rating on review for possible downgrade.
-by Mark Brown, Dow Jones Newswires; + 44 (0)207 842 9485;
sold from 13411, 13389 and 13230 in Euro sep future contract
and long right now from 12535 12680 12727 in may contract
my Long EM0 contract expires 11th june
what should i hold and what should i liquidated here.
this totally eludes me right now seeing euro hold below 12865 cuz for me thats signal for further downside