EURUSD

yeap. bulls gave me 29 pips today. its gonna be a long day

still can't upload pics with my account for some reason... doesn't matter.. the 65x65 avator is too small for this pic anyway..

Actually this formation is starting to look more bearish to me now, if it fails to cross 950 soon I wouldn't be surprised to see a drop to mid 58 after the news.

EDIT: Sorry, incorrect assesment there, had a blackout about the news expected, I don't think this thing can go down that much today and upwards will depend upon the news.

Any thoughts on where the EU will be headed after the U.S. news?

This might help, if not UP!

Bloomberg TV Interview: Worst Financial Crisis Since the Great Depression and Worst U.S. Recession in Decades


http://www.rgemonitor.com/roubini-mo...ion_in_decades

Nouriel Roubini | Jul 15, 2008

I was on Bloomberg TV this morning being interviewed about financial markets, the economy and the upcoming testimony by Bernanke.
As I put it in the interview: ``This is a systemic financial crisis, there is no end to it,'' Nouriel Roubini, professor of economics and international business at New York University, told Bloomberg Television. ``It's a vicious circle between a contracting economy and greater credit and financial losses feeding on the economy.''
Regular readers of this blog are familiar with my views. But here is a summary and significant extended update of my views that this will turn out to be the worst financial crisis since the Great Depression and the worst US recession in decades…

1. This is by far the worst financial crisis since the Great Depression
2. Hundreds of small banks with massive exposure to real estate (the average small bank has 67% of its assets in real estate) will go bust
3. Dozens of large regional/national banks (a’ la IndyMac) are also bankrupt given their extreme exposure to real estate and will also go bust
4. Some major money center banks are also semi-insolvent and while they are deemed too big to fail their rescue with FDIC money will be extremely costly.
5. In a few years time there will be no major independent broker dealers as their business model (securitization, slice & dice and transfer of toxic credit risk and piling fees upon fees rather than earning income from holding credit risk) is bust and the risk of a bank-like run on their very short term liquid liabilities is a fundamental flaw in their structure (i.e. the four remaining U.S. big brokers dealers will either go bust or will have to be merged with traditional commercial banks). Firms that borrow liquid and short, highly leverage themselves and lend in longer term and illiquid ways (i.e. most of the shadow banking system) cannot survive without formal deposit insurance and formal permanent lender of last resort support from the central bank.
6. The FDIC that has already depleted 10% of its funds in the rescue of IndyMac alone will run out of funds and will have to be recapitalized by Congress as its insurance premia were woefully insufficient to cover the hole from the biggest banking crisis since the Great Depression
7. Fannie and Freddie are insolvent and the Treasury bailout plan (the mother of all moral hazard bailout) is socialism for the rich, the well connected and Wall Street; it is the continuation of a corrupt system where profits are privatized and losses are socialized. Instead of wiping out shareholders of the two GSEs, replacing corrupt and incompetent managers and forcing a haircut on the claims of the creditors/bondholders such a plan bails out shareholders, managers and creditors at a massive cost to U.S. taxpayers.

~~~~~~~~~~~~
See 2nd link for the rest...

EUR starts grow up!!! Perfect!!!

Thanks for that info and response Fx_Genius, Appreciate it

This is worse than watching paint dry.. :S

Totally agree!

I am still Long from 5665. Looking for 1.6235 before a consolidation period develops.

we'll probably have to put up with this for another 2 days.. hehehe... may still need to test 1.5880 for a few more times...

US open now, lets see which direction we go, although we might be rangebound today till after 7pm (GMT) when all news, the testimony is done and FOMC minutes are released...

Just my 2 cents...

I think the right shoulder of H&S pattern has formed and price is now testing the neckline. Ive posted chart before. Close below the neckline is good for shorts me thinks.

Short Time...??

To close to call imo, 1.59 LTL now tested as we speak...could retrace..even if breaks to 1.585..we not done yet imo...only a clear break of 1.585 would mean trend reversal for me
Scalp in between if you dare......I'm staying on the sideline

Just long e/u @ 1.58900 for 1.5950

Let's watch.

That a good position to take right now. I think we will end the day up over 100 points.

There's a pretty H&S going on...Price now is very close to the neck...

We have 1hr close below the neckline of H&S, anyone holding shorts with me right now?

if it breaks 1.5866 I'm in