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Wednesday February 18, 2009 - 11:15:46 GMT
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Forex Blog - EUR/USD UpdateAs posted on GVI Forex:
GVI Forex Jay 11:04 GMT February 18, 2009
- Wednesday is often a correction day â€“ we will see
- Risk remains on downside but getting some relief from easing in cross pressures (e.g. eur/gbp, eur/chf)
- EUR/USD still holding above 1.2550, suggests some defense of this key chart point
- Key resistance is at 1.2640, the intra-day and yesterdayâ€™s NY session high
- Bias will remain negative as long as eur/usd stays below 1.2707
- Watch stocks today ahead of Obamaâ€™s speech. Stocks rallied sharply when it was first announced that Obama was formulating a housing support plan.
- Bernanke testifies today â€“ I canâ€™t remember the markets rallying when Ben speaks.
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