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Good day to all!
Seems like 1.4500 is indeed a tough line!
The EUR/USD continues to fight against the magnetic lure of the line 1.4500. Having tested 1.4565, it currently eases towards 1.4480. Once again i will like to remind everyone that resistances and supports are never single lines and hence do plan for it!
The S&P 500 extends it’s depression and is currently 1130+.
Oil declines too. It is currently at $77+. Reports of thawing weather eases the speculation of high demand.
Gold joins in the run and falls to $1124+.
Bearish sentiments are feeding off the realization that central banks are or are preparing to withdraw emergency stimulus programs. This seems to be affecting the market as investors are worried of increasing liquidity and credit problems as excessive funds are drained out.
A word of caution. Tomorrow brings us critical economic releases such as Minimum Bid Rate for the EURO and Retail Sales and Unemployment Claims for the US. Any of these may have the potential to create spikes and hence do plan your trades.
While the extended chart of the EUR/USD above suggests bullish pressure, continue to monitor the equities to see if the break down in sentiment escalates.
Watch out for 1.4520/65 again for further upside pressure.
Should the bearish sentiment escalates, 1.4480/45 may be next.
Had a long day at work!
I was so busy that i even forgot about going to the restroom. Serious! Does that happen to you too? I only remembered about it when it is almost too late! LOL
Trade safely ok ? Cya!
Read more Forex Articles and Views by The Koala at www.thegeekknows.com