Wednesday October 22, 2008 - 12:18:20 GMT
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FX Blog - EUR/USD Chart Points:
As posted on GVI Forex:
Jay 12:02 GMT October 22, 2008
EUR/USD Chart Points:
As noted yesterday, chart levels, unless major points, lose
significance the farther you go out in time, which increases the
significance of pivotal big figures. However, market has sliced through
these (e.g. 1.30, 1.28) like Swiss cheese although 1.28 was only
briefly broken so far.
The significance of 1.28 is that charts show a risk for a major level
at 1.2384 (Oct 13, 2006 low) if broken. Its proximity to 1.25 makes
this pivotal big figure a major one should 1.28 fail to hold. Above
1.30+, at a minimum, is needed to slow the risk.
Minor range currently 1.2830-80, 1.2945 is key intra-day on top, 1.3830, 1.2815, 1.2785, 1.2740 on the downside.
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