Intraday Market Thoughts

Archived IMT (2008.09.26)

by Ashraf Laidi
Sep 26, 2008 16:23

EURUSD loses further ground in line with chart in yesterday's article, suggesting downside to extend to as low as $1.4500. The importance of this figure is underlined by the confluence of 2 fibonacci retracements--38% retracement of 1.3878-1.4865 rise and; 50% retracement of 1.4150-1.4865 rise. A possible resolution over the Rescue package on Monday may act as the catalyst. Also remain alert of rumblings of troubled European banks from failed US banks.


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