Monday July 19, 2010 - 18:33:27 GMT
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Forex Hound - www.forexhound.com
Euro Weakens after Test of 1.30
Early in the trading session the Euro
looked strong, having waved off the overnight bearishness created by a
downgrade of Irish debt and communication problems between the
Monetary Fund and Hungary.
A decline in the U.S. National Homebuilders Association Confidence Index
triggered a rally, but traders were unable to take out Friday‚Äôs high at
prompting a profit-taking break. At the mid-session, the Euro is still
on the day, but threatening to turn down.
Technically, Friday‚Äôs closing price
reversal top was confirmed overnight, but there was very little
to the downside. This type of formation usually triggers a 2 to 3 day
as much as 50% of the last major swing up. Traders should watch for late
session weakness to reaffirm the reversal top. A trade through 1.3006
negate the formation.
The British Pound is under pressure this
morning after British house sellers reported a drop in the average
by 0.6% in July. This added to the bearishness late last week which was
triggered by a weaker economic outlook. Traders may be pricing in the
possibility that the Bank of England will hold interest rates at
The daily chart indicates this market may
break into a Gann angle at 1.5069 before attracting new buyers.
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