This month has to settle lower at least near the 1.3165 which is the weekly pivot, as the Euro strength has been overly exaggerated. 1 month ago, the bearish month was long enough and the retrace has already exceeded 50% fib with the high almost 50 pips less of 61.8% fib at 1.3456. I might not be surprised to see the new week ending bearishly at 23.6% retrace close to the weekly pivot at 1.3175. The Euro has already pushed to 692 pips (~ 700 pips) this month. The PA of the last 15min candle suggests a series of resistances forming in 1.3350 - 1.3400 area. And, observing the previous waves in the H4 chart, one can spot the wavy nature extending as much as 50-75% repetition.
Fundamentals:
1. Empire State Manufacturing Index:
"Persistent declines of hard and soft commodities, particularly the closely-followed world crude oil prices to US$40.81 a barrel, the worst settlement since December 2004, also helped boost the momentum amid hopes that lower energy prices will give beleaguered consumers more spending power, thus restoring the health of the US economy." - source: http://biz.thestar.com.my/news
This is a ray of hope for the USD bulls. The DJIA staged a mild recovery on this issue. A number above -27.0 is good for shorts and a number above -25 will work great.
2. TIC Long-Term Purchases:
The S&P 500 index rose 6.14, or 0.70 percent, to 879.73, and the Nasdaq rose 32.84, or 2.18 percent, to 1,540.72.
Is it a cause of the aliens?
With stocks recovering from the lows, and previous number was much better than forecast, anything better than 40 billion might help the $.
The rest of the news might have less effect as it is always the first impression that holds.
Let us see... There is effectively no bias...
Fundamentals:
1. Empire State Manufacturing Index:
"Persistent declines of hard and soft commodities, particularly the closely-followed world crude oil prices to US$40.81 a barrel, the worst settlement since December 2004, also helped boost the momentum amid hopes that lower energy prices will give beleaguered consumers more spending power, thus restoring the health of the US economy." - source: http://biz.thestar.com.my/news
This is a ray of hope for the USD bulls. The DJIA staged a mild recovery on this issue. A number above -27.0 is good for shorts and a number above -25 will work great.
2. TIC Long-Term Purchases:
The S&P 500 index rose 6.14, or 0.70 percent, to 879.73, and the Nasdaq rose 32.84, or 2.18 percent, to 1,540.72.
Is it a cause of the aliens?
With stocks recovering from the lows, and previous number was much better than forecast, anything better than 40 billion might help the $.
The rest of the news might have less effect as it is always the first impression that holds.
Let us see... There is effectively no bias...
I don't know about you man!!!
