Intraday Market Thoughts

EURUSD Breaks Week Below Key Trendline

by Ashraf Laidi
Jul 6, 2012 19:54

EURUSD breaks below its 4-week trendline as the currency draws the bulk of risk-off trades upon the prospects that Thursdays rate cut would do little to tackle the Eurozones looming recession, especially if a 3rd LTRO is not announced at the new (low) refinancing rate. Failing to retest the $1.27 figure, EURUSD appears to be nearing the $1.20-bound path earlier than we had anticipated. Here are Friday's latest Premium Insights w/ charts on EURUSD & EURJPY as well as NFP, Jobless Claims & consumer Confidence. Non Subscribers can click here:


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