Intraday Market Thoughts

Archived IMT (2008.11.11)

by Ashraf Laidi
Nov 11, 2008 14:32

EURUSD joins non USD FX on the downside, breaching below $1.28 and onto $1.27 as the failure for global risk appetite to recover erodes the hopes of euro bulls. ZEW index on investors economic sentiment unexpectedly improved to -53.5 in November from -63 in October, after reaching an all time low of 63.9 in July. The historical average stands at +27.5.The improvement was attributed to the German govt's passing of the rescue package. The 4-hour EURUSD chart shows a clear formation of lower peaks and lower highs, forming a symmetrical triangle whose lows are being tested at $1.2700. Key foundation stands at $1.2650. Upside capped at ...


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