FX Fundamental Analysis
Global Currency Analysis 3rd quarter review 2011
For FX traders, the most amazing thing about the recent Euro
decline from 1.44 to 1.35 against the USD is not really the direction of the move itself but more the contributory twin factors of witnessing such little support and then consequent speed of the move down; markets got themselves wrong-footed listening to official comments that all was well and rates might have to rise.
The fact that markets can now smell blood is evidenced by a lower EUR/USD despite the continued enforcement and endorsement of a low interest
rate environment in the U.S. for at least another year, maybe two.
From a technical standpoint there appears to be no real support
8 FX TRADER MAGAZINE October - December 2011
between here and 1.2500 aside from 1.3150, thus with all things equal the move lower could now be swift as the cracks that have been papered over by Europe’s
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