Wednesday August 11, 2004 - 12:24:38 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts - Evening - 11/08/04.......1214 GMT
Euro @ 1.2234/7....Take back Buy Order
We had an order to buy EURO at 1.2210, which we take back because
1) We are Short on EURJPY and are expecting it to fall.
2) The 200-day MA at 1.2224 and the 20-day MA at 1.2187 form a fragile Support, break of which can lead to a fall towards 1.2150 or even 1.2120. On the upside, a rise t0 1.2265 is quit possible.
No trades/ orders.
Euro-Yen @ 135.81/6....Holding Short
R: 135.96-136.12 / 135.55 / 135.78
S: 135.73 / 135.50-47 / 135.15-00
There is a Trendline joining the March and May Highs on the Daily Candles, which provides Resistance near the 136.55. Furthermore, our view is that the Cross is essentially ranged (although the range may be as wide as 136.50-133.00). If our reading be correct, we can hope for a fall towards 135.15 at least, maybe even 134.50. That said, we have to be ready to allow for a few more tests of the 136.55-75 region.
Immediate Support at 135.70 and at 135.45
Short EUR 20K at 136.43, SL 136.85, TP 135.10
Sell EUR 20K at 136.43, SL 136.90, TP 134.78.
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