Tuesday October 19, 2010 - 02:37:21 GMT
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Forex Hound - www.forexhound.com
Euro Rebound after Nearly Changing Trend to Down
The EUR USD finished down on Monday after rebounding from
its low following early session weakness.
The initial break in Mondayâ€™s session was follow-through selling
following Fridayâ€™s closing price reversal top. This down move was short-lived
because a not so friendly U.S. Industrial report triggered a short-covering
rally which lasted most of the day.
Besides the short-covering rally, nothing happened that
would change the developing bearish reversal formation. As long as last weekâ€™s
top at 1.4159 remains intact, this market could begin a correction which takes
it back to 1.3373 to 1.3187.
The last swing bottom is 1.3775. A break through this level
will turn the main trend to down. It could also trigger the start of an
acceleration to the downside.
Shortly after U.S.
equities closed, IBM and Apple Computer, Inc disappointed traders, sending U.S., stock
index futures lower. Traders may use this weakness as an excuse to book profits
in their long Euro positions. Weakness in the stock market could also fuel a
break in the EUR USD because it may lead to liquidation of higher risk assets.
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