Intraday Market Thoughts

Archived IMT (2011.03.28)

by Ashraf Laidi
Mar 28, 2011 1:05

Euro hit by Merkels election defeat in the Conservative stronghold state of Baden-Wurttemberg, where the Chrisitian Democrats have not lost since 1952. That is the CDUs 3rd electoral defeat after having lost in Hamburg and weak showing in Saxony-Anhalt. Merkels decision to shut down 4 nuclear reactors in Baden-Wurttemberg turned out costly. Euro losing across the board, with EURUSD & EURCAD suggesting double tops at 1.4270s and 1.390 respectively. EURCAD drops 80 pips from Thursdays chart eyeing interim target at 1.3690. EURAUD breaks below 1.3780 trendline support. EURGBP turning bearish but weekly chart continues to defy the bears after the breakout above 0.87.


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