Friday June 18, 2010 - 19:38:21 GMT
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Euro Rally Stops Short of Main Top at 1.2453
The Euro rally overnight stopped short of taking out the
previous main top at 1.2453 and turning the main trend up. The secondary
to 1.2394 during the New York
session also fell short of the top. The lack of fresh economic news is
to keep the market in a tight range.
Following last weekâ€™s closing price reversal bottom, the EUR
USD rallied sharply higher this week boosted mainly by short-covering.
in the week, another sovereign debt scare from Spain put pressure on the
the market reversed when a Spanish bond auction attracted very strong
The weekly chart indicates there is room to the upside to
1.2784, but the previous tops at 1.2453 and 1.2671 could mean the effort
reach this 50% level will be labored. The rally from the 1.1876 bottom
in its 9th day leaving analysts to wonder if real buying is
the Euro higher or the lack of bearish news.
The GBP USD is trading slightly lower at the mid-session in
limited movement. The main trend is up on the daily chart but the market
seem to get away from a 50% level at 1.48100. A close over this price
trigger the start of a rally to 1.4947. A failure to hold this level
trigger a retracement back to 1.4599.
The action at the mid-session indicates the possibility of a
closing price reversal top. The formation of this pattern would be
indication that a short-term top is being built.
equity markets are helping to hold the AUD USD up and in a position to
major 50% price at .8727. This weekâ€™s
economic news indicating the U.S.
economy is still weakening diminished the chances of the Fed hiking
rates by the end of the year. This news made the Aussie a more
investment over the Dollar.
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