Monday September 13, 2010 - 21:35:04 GMT
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Forex Hound - www.forexhound.com
Euro Soars as Traders Express Relief Over Bank Capital Agreement
The Euro is up over 1% against the Dollar
as an agreement by global regulators on the size of a bankâ€™s capital reserves
fueled trader appetite for risk.
Over the week-end, global banking regulators
agreed to close to triple the size of capital reserves that banks must hold
against losses. The requirement, however, is not expected to kick-in until 2019
which took the pressure off banks to begin increase capital immediately. The
new regulation also gives the banks time to raise the new capital requirement
through earnings rather than through the shifting of current capital.
The EUR USD is trading sharply higher at
the mid-session after piercing a downtrending Gann angle which has been holding
the market back since August 6. Upside momentum is strong but has to continue
to build in order to reach the next chart objective at 1.2960.
The size of the support base built recently
and the three bottom formation at 1.2587, 1.2625 and 1.2644 suggests this
market has a strong chance to break out over the last swing top at 1.2919 and
reach a .618 price level target by September 16.
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