EUR/JPY Prints 12 Year Lows...More Downside?
Selling off for 8 days in a row, the EURJPY has been getting pummeled by the Greek tragedy and the Pain in Spain, which now (the latter) seems to be taking center stage. We checked the data and 8 days is the max. consecutive selling days this pair has printed over the last 12 years. It has only done this (8 days of consecutive selling) 2x in history, today completing the 2nd…
Added by 2ndSkiesForex on May 31, 2012 at 11:44pm — No Comments
Europe is getting tough, as Spain has taken the lead over Greece. Financial crisis is becoming more painful due to Spain’s banking sector disaster that has already sucked in over Euro 330 billion, but it still demands more money. They do not have collateral to offer against fresh borrowings and window dressing looks difficult.…Continue
USDCHF - Breakout Retest Setup Plays Out to Perfection
Ahh, the Swissie, the gift that keeps on giving. Chocolate, good watches, offshore accounts, and textbook breakout retest setups.
Anyone following this blog will notice I've been writing on the forex price action…Continue
Peter Schiff makes it clear, up front, why he's not trying to save America from fiscal disaster. He's not un-American, he's just too late. "We're already bankrupt," Schiff declares in the attached clip. "Better to acknowledge that fact than to pretend we're not."
Click on the map for more.
Added by Ron Schelling on May 30, 2012 at 6:28pm — No Comments
Today’s Spanish downgraded has added further downside pressure on the euro hitting 1.2485. This level represents the 61.8% Fibonacci extension taken from the October and February highs and may provide some near-term support.
Added by JT on May 30, 2012 at 3:09am — No Comments
It seems that the crack is fast appearing in the Spanish banking system and ECB is unwilling to come to its rescue due to size of damage, which may not be easily repairable. This could be one big factor that sensing problem ahead, the Spanish Prime Minister appeared in an emergency news conference on Monday to give confidence about its banking system, which is certainly not in good shape.
The reason is very simple that the Spanish banks have already…Continue
US Non-Farm Payroll will likely impact EURUSD & S&P500 as momentum is likely to continue decelerating into the key level at 54k (2011 low), potentially renewing safe haven flows back into the USD and compounding EU contagion pressure.
HAPPY "NFP" Greetings Enlightened…
Currently the cross is @ 1.2533. A break of the bear flag will target the S6 support @ 1.2456. A break down there, look for the 1.2298 support.…Continue
Added by Scott Barkley on May 29, 2012 at 1:31pm — No Comments
Hello and good morning friends
Lets take a look on EURUSD from weekly to H4 on presented charts.
Weekly: we have well defined downtrend channel from 1.4940 to 1.2620, dynamic channel resistance currently located around 1.3000. Also decline from 1.3486 to 1.2495 is…Continue
Spain, Greece and the Horror with No End...For Now
Although markets were calm today from the US Memorial Holiday, Spain today asked the EU to act in providing support for fiscally frail gov'ts (read 'Spain is begging for help') as its fiscal gaps and banking system (but, but...Bankia is fully solvent you said) are getting pummeled with soaring yields which are punishing the rates on bonds. Again, Spain is 4x larger than Greece so if Spain…
The EURUSD continued its bearish momentum last Friday , topped at 1.2602 , bottomed at 1.2495 and closed at 1.2914 but it was unable to break below 1.2500 and bounced back strongly this early morning with bullish gap ?
Since today is Monday , I assume a bullish move testing the key resistance 1.2620 , a clear break above this level would lead for more gains testing 1.2660/1.2700 zone...
Immediate support is seen around 1.2550 where bounce back to upside…Continue
I am going to start this article talking about one of the most important things developing traders will need to know - that is to 'Know Thyself'. This recently came up for me as a newer student sent me a few emails which made me realize how important this is for anyone starting on the learning process, but hasn't found the right trading system to trade from every day.
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China Slowing Down, Fear & Loathing in Europe
Prior to the London open, the China HSBC Flash Manufacturing came out worse than expectated, alarming investors globally since the motherland slowing down is a big concern as the weakening output affects all. This initially sent the AUD and NZD lower but both recovered shortly after to hold modest gains throughout the day.
The situation did not get any better with German manufacturing also…Continue
Added by 2ndSkiesForex on May 24, 2012 at 11:00pm — No Comments
Many people wonder,Will the EURO continue to decline below 1.2500 ?!! OR It will bounce back strongly from this level?!!
Frankly, the answer is unclear,why ?!!
Because there are many and complex things will determine the fate of the euro ?!!
EU leaders are trying to reduce the price of gold to help Greece in its debt repayment ?!
How Greece will benefit from the low price of gold ?!!
When Gold goes down ,Greece…
The EURUSD continued its bearish momentum yesterday, topped at 1.2687 and closed at 1.2560
Today I assume a bearish move testing the key support 1.2544 , losing this level would lead for more loses testing the key support - the psychological level - 1.2500 where strong challenge is expected around this level...
Immediate resistance is seen around 1.2610 where bounce back to downside is expected , stability below the key resistance 1.2685 is indeed to keep the bearish trend…Continue
Euro Hits Near 2-Yr Low, Grexit Fears Persist
The Euro got hammered in NY trading dropping 120+pips in about 3 hours as the EU summit didn't really calm any fears of an eventual Grexit from the EZ. Of course EZ officials telling members of the currency bloc to prepare contingency plans for an exit are not helping.
Oh yeah, did we forget to mention European banks have the highest loan-to-deposit ratio in the world (3x that of the US banks)?…