I’d like to say “I told you so”, but I’m a bigger person than that. Those inscrutable Asians have obviously been reading my LEDGE posts and decided to prove my point overnight before the Brits chimed in, revealing their true intentions . . which were bearish on the Euro.
The Ledge is, of course, that horizontal price band 139.77-1.3955 which has now survived as a S/R pivot for another week. With the election tomorrow the mood seems upbeat in the markets as we await Bernanke’s thinking on further devaluing the dollar in the midst of the current G20 muddle. A great piece by Paul Tudor Jones (tip of the hat to Keith in our chat room for the link) puts a sane perspective on currency macroeconomic issues and the risks therein.
Worth a close read IMHO as he doesn’t disappoint with a Q4 forecast. As of 90 minutes into the US open the EUR Trak is decidedly down slope, but at the bottom of the channel, suggesting a short term bullish burst ahead. We’ll check the results tomorrow.
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