Thursday November 11, 2010 - 15:04:24 GMT
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Forex Hound - www.forexhound.com
Ireland Debt Worries Put Heat on Euro
USD continued its slide overnight after breaking a pair of main bottoms on the
daily chart at 1.3733 and 1.3698, turning the main trend to down on the daily
chart. Overall, the U.S. Dollar is posting modest gains versus most majors.
continued to feel pressure from persistent concerns about Irelandâ€™s
fiscal issues and turbulence in sovereign debt markets. Without any major
European reports to draw investor attention and the U.S. Veteranâ€™s Day holiday,
traders have been watching for news regarding Europeâ€™s
peripheral debt issues.
continues to grow that Ireland
may soon have to resort to tapping the European Union/International Monetary
Fund stabilization fund established earlier this year as part of the â€śbailoutâ€ť
telltale sign that trouble may be brewing continues to be the soaring of Irish
government bond yields. Yields rose to 8.9% as investors dumped peripheral
bonds. The cost of insuring Portuguese, Irish and Spanish debt against default
remained high, indicating worries are likely to persist.
Technically, the main trend
is now down on the daily chart following a break through two main bottoms at
1.3733 and 1.3698. Based on the main range of 1.2587 to 1.4282, watch for the
correction to continue down into a retracement zone at 1.3434 to 1.3234.
Impeding the current
correction and possibly slowing down the pace of the break is an uptrending
Gann angle at 1.3727. A failure to hold this level will likely trigger a
further decline into another Gann angle at 1.3524. There are no major support
clusters set up at this time.
On the upside, a
downtrending Gann angle from the 1.4282 main top comes in at 1.3882 today. This
angle is followed by additional angles at 1.4082 and 1.4182.
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