Archived IMT (2010.08.11)
EURUSD BACK BELOW $1.30. NOW YOU KNOW WHY I said it was UNUSUAL for the USDX to break below its 200-day MA without for EURUSD to break ABOVE its own 200-day MA. (read last week's artcile for more detail). THREE DAYS INTO THE WEEK, and EURUSD is already on posting its biggest weekly loss since the 1st week of June. Absent any Eurozone data robustness, the pair faces minor foundation at $1.2980. A daily close below $1.2960-70 could spell further downside towards the next key support of $1.2790-00. Eurozone Q2 GDP later on Friday will be key in gauging sentiment regarding growth differentials. But the July US retail sales report will be of crucial importance in determining whether risk aversion justifies the concerns about a slowdown in the US and China. A break above $1.3120 this week will be needed to maintain the 5-weel uptrend. =========ALSO Talk of ECB buying of Irish bonds and possible Spanish backtracking on austerity measures.
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