EURUSD daily chart update 12 Sept 2011

Eurusd broke finally below 1.3850 and we moved faster now sub 1.36. Key support on daily reamin 1.3430-70 area any close below would trigger more losses.
I see more a consolidation move first toward 1.3850 before blowing up 1.34, unless ECB and Europe can calm down at least over Greece as the move is now triggered for 2 main reasons:
  1. - Greece failing to meet targets and all debate over ESFS / Eurobonds as all go in same scope debt issues.
  2. - ECB comments over inflation balanced in 2012 and concern over growth
I shorted EURUSD since 31 August  1.4437. I would had taken the short at 1.4550 but was too busy at the beach that period Winking smile.

So check charts

Your comments too are welcome and you can always reach me on twitter @fx_13.
(Please click on the forex chart thumbnail to enlarge)

1 comment:

yeeron said...

Great chart & analysis 13. Agree re: 1.3430 region being key support going forward. Stop hunting below this region as we speak.. To confirm more losses we will need a daily close below an initial close below this region on a daily basis. Odds favour a retracement in the short term IMHO.

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