Archived IMT (2010.06.15)

EUROs TIME and SPACE: Weve discussed the TIME element of EURUSD, whereby the pair had consistently failed to post more than 3 straight days until Monday when all has changed. What about SPACE (or price)? Only once did EURUSD rallied +500 pips from its low before resuming its selloff. This occurred on May 18-20. On Monday, EURUSD hit a session high of $1.2672, which is +330 pips from the June 6th low of 1.1874. Setting the +300 pip limit from the June 6 low, will give us $1.2375-80. This level should act as prelim ceiling, a break of which would give way to $1.2450. Ashraf in South Africa attending the WorldCup for 2 weeks, therefore frequency of updates on this site and Twitter will be less than usual. http://twitter.com/alaidi