Monday July 12, 2010 - 17:59:27 GMT
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Forex Hound - www.forexhound.com
Lack of Fresh News Holds Euro Rangebound at Mid-Session
Lower Asian and European equity markets
overnight triggered a break in the Euro early in the session, but stable
markets are helping to hold it in a range at the mid-session.
Without any major economic reports to push
the markets around, traders have decided to focus on two elements: the
earnings season and the European bank stress results.
earnings season begins after the equity market close this afternoon.
Since the Euro
has been taking its cue from equity markets lately, traders expect
first report from Alcoa to move the market.
European stress test results are not due
until July 23rd, but that hasnâ€™t stopped traders from
concerns about the event. Traders continue to question the toughness and
transparency of the report. There is also confusion as to how much
will be revealed and if the publication of the results will be limited
The question of ordering banks to recapitalize
came up late last week when European Central Bank President Trichet
in a speech that it may be necessary.
Technically, the EUR USD confirmed last
weekâ€™s daily closing price reversal top at 1.2722. This pattern usually
suggests a 2 to 3 day break coupled with a 50% to 61.8% correction. This
make 1.2436 to 1.2369 the next likely downside target.
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