Euro Nears the Support

by Ashraf Laidi
Apr 15, 2009 13:28 | 6 Comments

Euro Nears the Support - EUR Apr 15 (Chart 1)

Euro's retreat will likely intensify now that the ECB has officially announced it will unveil a package of non-conventional monetary policy measures in May, i.e. credit easing as the refi rate reaches 1.00% and the deposit reaches 0.0%. The trend line support (yellow) at $1.3170 is at risk of being breached, which would pave the way for the 50% retracement from the March 4th rebound, at $1.31. Subsequent losses seen stabilizing at $1.3030. Upside capped at $1.34.


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Comments (Showing latest 6 of 6) View All Comments
Ashraf Laidi
London, UK
Posts: 0
14 years ago
Apr 16, 2009 12:27
Eben, which indicators exactly are you referring to? S&P daily stochastics are flattening, while VOLUMES are falling. Watch out 865-870 in S&P500

Posts: 2
14 years ago
Apr 15, 2009 23:16
It seems all indicators are telling us that stock market is bullish and no more bearish movement again. Is it true?
Ashraf Laidi
London, UK
Posts: 0
14 years ago
Apr 15, 2009 17:46
FL, if we get stonng JPM earnings and decent CHina GDP figures, then that;s a great chance for stocsk to rally past the 30% bounce from the March lows.

Rob, Today's $1.3148 low may not be enough to call it a breach of the trend line ( we need to see $1.31). If you're short, then consider stops at $1.3240. Considering ECB's latest talk on easing, i see upsdie limited at 1.33.

TAHA, pls see aove reply to Rob.

Cairo, Egypt
Posts: 50
14 years ago
Apr 15, 2009 17:19
Hi Ashraf ,
could you tell me simply , what is your recommendations for euro /usd in the next two weeks ? . and could you mention the key levels , please ? .
New York, United States
Posts: 305
14 years ago
Apr 15, 2009 17:03
Hey Ashraf,

With equities in the green (right now) and US Ind Prod at -1.5 (I saw your comment on Twitter), are you sticking with EUR losses? I'm sure you'll say yes, but I guess I'm referring to very short-term. Also, if we get good numbers from the banks reporting this week and next, equities should rise and EUR after it, yes. Seems like equities is keeping EUR propped up. Bottom line, I can never tell which is more important, data or equities, what would you say? Seems like equities always runs the show when it comes to EUR. Thanks a bunch, and note that it's great of you to recognize/mention calls you've made that haven't gone perfect (eg: CAD)- it only validates your expertise, honesty, and integrity further. Thanks
GuangZhou, China
Posts: 14
14 years ago
Apr 15, 2009 16:44
Hi Ashraf,

So looks like Operates should Meets undersells high or Meets buys up lowly,You think from this month, until to the ECB next meeting. Stock market's positive phase relatedness how?