Yes, I know what you mean. I got whipped into a fluffy cream around the 1.22 break - but have since recouperated. Took a little break after the breakeven and now I'm even more surprised ...
[14:22 EUR/JPY: Investment Flows To Asia Still Helping JPY] San Francisco, September 15th: The Nikkei fell overnight, preventing the index once again, from breaking through the top of the Ichimoku cloud. But, further evidence of strong investment flows to Asia are still seen helping to cap EUR/JPY. In China, non-deliverable forwards rose to reported highs of 2700/2500 and the highest levels since April seen just after the G-7 meeting. Further revaluation speculation aided the rise as did comments overnight from US Treasury Sec"y Snow calling for China to adopt a more flexible exchange rate. Speculation is increasing of a currency or interest rate move at the National Day holiday in October just prior to the G-7. In addition, China"s stock indices had their largest increases in at least 20 months as funds flow to the region. Mirroring this trend, the Indian Rupee rose to a two month high. The THB and INR both rose to seven week highs and in addition, both their stock markets rallied in tandem with the flow of funds. This is seen helping to limit JPY weakness against the EUR. The cross continues to hover around 134.00 with offers building at 134.50.
[13:40 EUR/USD: Blasts Through Stops Below 1.2190 On Second Attempt] Boston, September 15: EUR/USD rebounds were limited to the 1.2220 area after the industrial production data prompting stale longs to pull the plug and push EUR/USD through the 1.2190 area, tripping another round of stops. 1.2160 is next support. 1.2172 is the low thus far. More stops are eyed below 1.2160.
[13:20 EUR/USD: Pops After Industrial Production] Boston, September 15: EUR/USD rallies in the wake of the industrial production report. The report is a bit of a mixed bag, weaker in August (+0.1% versus expectations of +0.4%) than expectations but revised higher for July (+0.6% from +0.4%). Don"t be surprised that in the follow-up reporting there is a hurricane component to the IP dip. Large swaths of Florida were out of commission for weeks after Charley and Frances.
<pre>| [ EUR/USD TRADING PAGE ]
| [SPOT] |[TECHNICAL SIGNIFICANCE] |[RECOMMENDATION] | [POSITION]
: 1.2325(M) |daily high Aug 23 |flat on a failure | [FLAT at]
: 1.2305(S) |high Sep 10, t/l |buy a break above | [1.2292]
: 1.2260(M) |failure high Sept 15 |sell a failure |
: 1.2225(M) |hourly resistance Sept 15 |sell a failure |Open|14/09/04
[1.2178] 14:20 GMT WED 15 SEP : | TIME 14 11|
: 1.2160(M) |daily low Sept 9 |sell a break below | |
: 1.2115(M) |failure highs Sept 7 |cover on a bounce |TGT |
: 1.2030(M) |pullback low Sept 8 |cover on a bounce |Stop|
: 1.1990(M) |daily low Aug 30 |sell a break below |
============|==========================|=========================|=============</pre>
1.2205 gives into downside pressures as the slide continues and with hourly studies continuing to tick south there is scope for a move to the next support level at 1.2160. Daily charts as well are beginning to roll over and now looking for opportunities to establish short trades. Would prefer to sell into strength intraday opposed to breaks.
[14:22 EUR/JPY: Investment Flows To Asia Still Helping JPY] San Francisco, September 15th: The Nikkei fell overnight, preventing the index once again, from breaking through the top of the Ichimoku cloud. But, further evidence of strong investment flows to Asia are still seen helping to cap EUR/JPY. In China, non-deliverable forwards rose to reported highs of 2700/2500 and the highest levels since April seen just after the G-7 meeting. Further revaluation speculation aided the rise as did comments overnight from US Treasury Sec"y Snow calling for China to adopt a more flexible exchange rate. Speculation is increasing of a currency or interest rate move at the National Day holiday in October just prior to the G-7. In addition, China"s stock indices had their largest increases in at least 20 months as funds flow to the region. Mirroring this trend, the Indian Rupee rose to a two month high. The THB and INR both rose to seven week highs and in addition, both their stock markets rallied in tandem with the flow of funds. This is seen helping to limit JPY weakness against the EUR. The cross continues to hover around 134.00 with offers building at 134.50.
[13:40 EUR/USD: Blasts Through Stops Below 1.2190 On Second Attempt] Boston, September 15: EUR/USD rebounds were limited to the 1.2220 area after the industrial production data prompting stale longs to pull the plug and push EUR/USD through the 1.2190 area, tripping another round of stops. 1.2160 is next support. 1.2172 is the low thus far. More stops are eyed below 1.2160.
[13:20 EUR/USD: Pops After Industrial Production] Boston, September 15: EUR/USD rallies in the wake of the industrial production report. The report is a bit of a mixed bag, weaker in August (+0.1% versus expectations of +0.4%) than expectations but revised higher for July (+0.6% from +0.4%). Don"t be surprised that in the follow-up reporting there is a hurricane component to the IP dip. Large swaths of Florida were out of commission for weeks after Charley and Frances.
<pre>| [ EUR/USD TRADING PAGE ]
| [SPOT] |[TECHNICAL SIGNIFICANCE] |[RECOMMENDATION] | [POSITION]
: 1.2325(M) |daily high Aug 23 |flat on a failure | [FLAT at]
: 1.2305(S) |high Sep 10, t/l |buy a break above | [1.2292]
: 1.2260(M) |failure high Sept 15 |sell a failure |
: 1.2225(M) |hourly resistance Sept 15 |sell a failure |Open|14/09/04
[1.2178] 14:20 GMT WED 15 SEP : | TIME 14 11|
: 1.2160(M) |daily low Sept 9 |sell a break below | |
: 1.2115(M) |failure highs Sept 7 |cover on a bounce |TGT |
: 1.2030(M) |pullback low Sept 8 |cover on a bounce |Stop|
: 1.1990(M) |daily low Aug 30 |sell a break below |
============|==========================|=========================|=============</pre>
1.2205 gives into downside pressures as the slide continues and with hourly studies continuing to tick south there is scope for a move to the next support level at 1.2160. Daily charts as well are beginning to roll over and now looking for opportunities to establish short trades. Would prefer to sell into strength intraday opposed to breaks.
