Intraday Market Thoughts

Archived IMT (2010.11.17)

by Ashraf Laidi
Nov 17, 2010 11:33

EURUSD WAS ABLE TO close above its 55-week MA of $1.3502 in Tuesdays NY session after an intraday low of $1.3446. Just like we paid attention to whether a close of $1.37 would occur, keep an eye on $1.35, a close below which would extend losses towards $1.3320. EURCHF attempting to regain $1.3470, which requires watching whether it would become a right shoulder of the H&S formation starting from the Sep low. Repetitive failure to break 1.34 would likely retest 1.3320, followed by 1.3250. UK Oct Unemployment fell 3.7K--the first 1decline since July. dragging down EURGBP below 0.8490, with 08420 remaining temporary support. GBPUSD eyes key support at $1.5830.


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