Intraday Market Thoughts

Euro Bounces off Confluence After Gap Down

by Ashraf Laidi
Mar 18, 2013 10:06

EURUSD trades between the confluence of support (200 DMA & 55 WMA downside & 100 DMA upside) ahead of the Cypriote Parliament decision to confirm the bank levies or shift the burden onto bigger depositors (such as 12% on > €100K & 4% on < €100K). Adding a new trading note on EURUSD as last night's gap down triggers the 2nd long (just above the 200 DMA seen in Friday's triple charts). Until the Cypriote parliament confirms the new bank levies around 14:00 GM, we will maintain the existing 2 EURUSD trades alongside the EURAUD, USDJPY and gold. We will revisit these trades after announcement from Cypriote Parliament. A jam-packed trading week starts with the  German ZEW on Mar 19, MPC minutes and FOMC decision on Mar 20 (FOMC Statement at 14:00 ET, 18:00 London/GMT & Bernanke Press Conference 30 mins later). Eurozone Flash PMIs on Mar 21 & IFO on Mar 22. Our new EURUSD trading note is in the latest Premium Insights.

Act Exp Prev GMT
RBA Meeting's Minutes (MAR)
Mar 19 0:30

Latest IMTs