Archived IMT (2011.03.28)

Euro hit by Merkels election defeat in the Conservative stronghold state of Baden-Wurttemberg, where the Chrisitian Democrats have not lost since 1952. That is the CDUs 3rd electoral defeat after having lost in Hamburg and weak showing in Saxony-Anhalt. Merkels decision to shut down 4 nuclear reactors in Baden-Wurttemberg turned out costly. Euro losing across the board, with EURUSD & EURCAD suggesting double tops at 1.4270s and 1.390 respectively. EURCAD drops 80 pips from Thursdays chart http://chart.ly/nrjnhgp eyeing interim target at 1.3690. EURAUD breaks below 1.3780 trendline support. EURGBP turning bearish but weekly chart continues to defy the bears after the breakout above 0.87.