forex outlook
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EURO/GBP I expect an Uncoupling
EURO/GBP I expect an uncoupling
Euro has been bid against gbp at .8580, I expect to see Euro weakness starting now. A break of .8490 send the euro against gbp down towards .8200 level over all. Then a new look. Resistance at .8625 level
Here are the TRNs….
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Talk In The Street– 5.17.10
Talk in the street is that although 1 trillion in Euro was thrown at the market there was a dead cat bounce for 70 pips higher then an all out route in selling the Euro.
The trend is well established and even though I understand that every one is short the Euro and is talking short the Euro including my cab driver the other day, that makes me nervous ……….Please sign in to read full article.
Euro Sales Have Gone Parabolic 5.15.10
Euro is near its four year low amid doubts of its own survival!
There was a rumor circulating the commercial banks was that France had threatened to leave the Euro if Germany did not agree to the rescue package. It was denied, but like my old Treasurer Aldo would say “No smoke..No Fire, somewhere in the middle there is the truth.” It put doubts in the back of Traders minds about how committed the two largest architects and economies are to the Euro….
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Talk In The Street..
Lets start off with some of the quotes of the Weekend from our friendly Finance Minsters around the World.
“We are going to defend the euro,” Spanish Economy Minister Elena Salgado told reporters as she arrived to chair the meeting yesterday. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”
“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”
The talk in the Street is that the Euro was way over sold and it needed a retracement back up to the 1.30 level. (that’s a 50% retrace from the last break down.) The 1.30-1.32 level would be a good area to start shorting again.
No one really knows how the EU is going to get out of this quagmire, the details are still sketchy. One thing that is known(and a major mistake I think)…
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GBP/USD Outlook Daily Levels
I would expect some consolidation this coming week.
GBP dollar is sitting on top of TRN (Trend Reactionary Numbers) of 1.4661 We have upper resistance at the projected high of 1.4870
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What Are TRNs?
Trend reactionary numbers are what the Inner Circle Members (Ladies and Gents that came to my workshop in June of 09) dubbed the Magic numbers. Trend Reactionary Numbers are major turning points in currency markets. I have developed these numbers over the years by working several different Wave Systems
A Financial Day That Will Live In Infamy!
I mentioned on 4-29-10 blog post, that we were in the eye of the storm and rough weather was coming. I have never seen a day like yesterday (and I am sure many people are saying that.) I have traded through Long Term Capital Management Demise, The assassination attempt on Reagen, Nick Leeson bankrupting Barings Bank , and as far back as the 1987 Stock Market Melt Down( I was a Jr. Trader at that time.)
We as spot traders love days like yesterday and I assure you to mark you calender, because that day is a Historic day. I have been told by the volatility traders that Currencies moved 6 – 8 standard deviations from the median, and move like that have been unprecedented.
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Talk In The Street…Dollar Strength No, Euro Weakness
Europe is in a major quagmire, and getting worse. I can’t see a way for the EMU to navigate through this morass. The Euro having broken 1.2990 is on its way technically to..
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Volatility Warning & Talk In The Street Euro Union Under Attack?
I would expect these coming weeks to be full of High Volatility and Violent market swings where a bid could be “hit” and the next bid is 40 pips higher( We call that in the Bank Rooms” In your Face..Sale!”.Its not pleasant) I have seen these storm clouds before, and I want you all to realize we are in the eye of the storm. Some of the movements you will find to be borderline idiotic. However we do not argue with the
markets for as I have said in my Ebook Forex Confidante the market is the sum total of the wisdom… and the stupidity… of all participants .
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