EUR

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well I expect the benefit of doubt play here; now you'd ask me what's that?

Well its not one thing really its number of factors

Fact its just short squeeze before the world leader go on their prep breaks in August
Before Q4 starts and the final summon for 2011, (which will be a real fractional year) to find bottoms and show 2011 will give moderate growth and what more it wont stop them from raising growth forecast mid2011. Fed made a very cleaver move to reduce growth figures and use them as collateral next year when they would really really really need to prove that they are getting out of a recession.
Fact that before Q4 the financial news media needs more grounds to run propagandas and dooms day scenario, just so their channels can spread more links on the web and finally to desperate individuals.
Fact that in order to show growth in the economy in 2011 gov head and the Fed needs to tactically show and prove again to the public that deficit has reduced. That will happen from T-note, further QE to ensure public bond safety, but with austerity coming ahead to hit America like never before and with spending cut, so with deficit reduce its pace only I dont believe T's will yeild much but the stock will rally again. Proving my point why stock may show faith to buyer around Mid 2011. Once stocks gain more trader and money back in the market the FED monetary policy will find it their duty to naturally naturally finds get a stronger dollar as globally US stock market will be back in demand by some twisted faith. Strong stock = Stonrger dollar. Same time i think US property will find its feet again after some states get bailout, Mark MY WORDS Here, Only 2 or 3 states get bailed out property will come back, not before that.

Still few worth while things for longer term to keep in mind....

So you wonder what's here in the shorter term, well!!!

Now you must have notice commodities playing neutral to declining dollar. Meaning that the dollar is exactly where it made a high in may, exactly when Gold broker 1165 top side and moved into 1200, Oil when slid and moved below 84.50 channel for a leg down, exactly where copper lost momentum, exactly when the European bail out was about to be announced. So you ask again what does that means for the markets and Euro in particular, well that the Euro has enough in it to pull a 136, considering Euro clearly breaks 13120 and cable a 158 correspondingly in weeks ahead but that would put a spanner in the works for the sort game play I discussed above.

So fundamentals for this quarter are much expected will remain stable in sense much to the delights of the economists, so with not much news for the media to talk about or to manufacture (e.g oil gush) , and mainly the rhetoric of discussion mainly being a reflection of this year, any exception that will come will be precipitated only as market noise.

Thus in this quite weeks and months ahead the markets have plenty of technicality to talk about and allot of technical noise to generate. Nothing gets buyer and investors back in the market like hearing Gold finally hits 1080 support level, oil rebound from 68 to test again 92 94. Plus we need spot rate to settle and test 126 127 128 and 130 price handles to check for demand. Worst comes worse top I still see 13090 for next week and not more than that. and for couple of week we will these levels before we start smelling the whiff of the next break out in Euro up or down who knows.

And that before Obama returns from his holidays and announces that he's developed a skin problem and that he's about to turn white just dont freak out, I'll still be black inside don't buy anything Unamerican :)

Stationdealer, thanks for the tip. Today's chart did look rather toppy and made me think about watching for a possible short opportunity coming early next week, do you have any other reasons for this call?

Yet another Euro theory (admittedly it's ZH...):
http://www.zerohedge.com/article/eur-shortage-follows-hot-heels-pervasive-usd-lack


It does seem to chime in with a few things Catnip has referred to in the past (I believe).

I made godd profit trading eur vs cad jpy gbp...hands off eurusd it made 130 as i assumed went long after eurusd short sl @12925 but now what? It makes no sense to trade this pair for a while