Tuesday September 9, 2008 - 10:12:45 GMT
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FX Blog - EUR/$ 1.42 Pivotal
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As posted on GVI:
GVI Forex Jay 10:07 GMT September 9, 2008
1.42 is clearly pivotal => high so far today and sets the bias going
forward. If it is renewed as support, then risk is for 1.44+ where
1.4404 (38.2% of 1.4980-1.4048) and 1.4429 (Monday high) lie.
Market is yearning for a retracement after the near 2000 pip drop
without a meaningful retrace. Market has been burned at every pause
betting on a retrace so is likely gunshy pushing for one and why it
will use 1.42 to guide sentiment.
GVI Forex Jay 10:03 GMT September 9, 2008
I wrote this (see below) last night and still holds:.
I think the FX market is at a crossroads-- --
- Market likes to think of ranges in 10 big round figure terms. In this
regard, eur/$ 1.40 is a key for if it holds, then talk will be
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