Archived IMT (2009.11.20)

EURGBP has proven its ability to hold above the key support of 0.889050% retracement of the 0.8392-0.9394 rally. A possible REVERSE head&shoulder could be emerging, in which case 0.9050 would be the next target. A EURUSD weekly close above $1.4820 suggests stabilization for now, but we expect little support in that level if the same dynamics emerge that would cause a EURJPY break below 131.50. We still expect 1.0760 for USDCAD next week. For those who missed Ashrafs warning on the pattern shown in the major equity indices, heres a replay of yesterdays interview http://bit.ly/ 3qSooC