EURUSD

looks like we are setting up for something, i am really curious what trichet is gonna say

FED meeting will be in play tomorrow night, into Wednesday. Market will probably be pretty choppy.

Hi,

why is the market consolidating after last Friday's reversal back up? The 'Greek Factor' has been priced in already? The Germans are still playing hard to get in this respect, but all indications are that on a European level, support for Greece is canned already.

cheers
Ohka

same thing he said for years. "the fundementals of the economy are strong. euro should be strong for years.. we should see 4.00 euro by mid summer.. " he and bush ect. have the same writers..

dead!!!

Yes! Market is choppy and sideway DEAD.

3254

FXExpertMK

Some side way commercial EA will start selling very good during this time as they are make very goodf buks during this time


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My Statement

in case u didnt notice dow just hit 61.8 retrace from march 09 low to all time high. it seems to be holding as a support but we will see how the daily closes

Man, I'm losing my patience here too.. Need this lower to reload longs,
Won't short here either..
Waiting

I would not call Friday a reversal, looked more like a short closing before the weekend. Anything below 3277 makes this a two wave correction and puts us right back into bear mode.

i have had these for 6 months... looks like dow has them now.

NEW YORK (Dow Jones)--I've put out my long-term projections for the euro/dollar cross and what's needed now is some corresponding targets for its companion, the Dollar Index.
That task depends on the long-term charts, which are something of a mixed blessing. More on that presently.
Lately I've written in this column that the euro was liable to dip to $1.3122 but that a lower move might not end before the euro fell to $1.2342 no less.
That projection is right or it's wrong. In the meantime it's reasonable to assume that the euro and the Dollar Index will be move opposite each other, but the fact is that I don't now have a Dollar Index resistance level that would correspond to a fall of the euro to $1.2342.
This column during this year so far has been calling for a minimum higher move of the Dollar Index to 82.82. In fact, there's technical evidence for a Dollar Index move up this year to 85.583-85.659 resistance band or, perhaps up to 88.229. I suspect that the lower of the two targets is more likely because the Dollar Index is bearish on the very long-term charts. See chart at

http://www.dowjoneswebservices.com/chart/view/3881

It appears to me that a Dollar Index move up to my long-standing target of 82.820 would, roughly, correspond with a euro dip to $1.3122.
On the other hand, if the euro blew through $1.3122, perhaps on the way down to $1.2342, then I couldn't now estimate a corresponding target for the Dollar Index unless it would be that 88.229 target mentioned above.
And this kind of dilemma is common with working with the very long-term charts as I've been doing lately. Those charts are super for finding target levels, but they say very little about the path that a market will take to the target. And that makes all the difference.

-By Stephen Cox, Dow Jones Newswires; 212-416-2212; [email protected]
(Stephen Cox, a chartered market technician, is chief technician for Dow Jones Newswires.)
(Data by CQG)

TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at [email protected]. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?...ZPR4t6vA%3D%3D. You can use this link on the day this article is published and the following day.

Long at .3284 changed to .3270 tight SL @ .3255

the briskness of those two surges upward led me to believe in a reversal. However, you're right, we're not out of bear country yet - which is unfortunate with my current long position...

cheers
Ohka

Ohh, FOMC meeting in 2 days?

Then Eur and Market upside would probably capped here till then..

maybe after new low..

Dow Jones News

By William L. Watts
The U.S. dollar added to gains versus most major counterparts Monday, while the euro sank as uncertainty deepened over Greece's long-term fiscal prospects.
The single European currency slipped as German Chancellor Angela Merkel said in a press conference that aid will be provided to Greece only if absolutely necessary and if Greece meets certain conditions. She cautioned that an aid deal still needs to be worked out.
The euro (CUR_EURUSD) was down 0.4% at $1.3326 on the session.
Greek yields again soared and pushed the 10-year yield spread over German bunds to a record level above six full percentage points.
The euro did rebound earlier from an 11-month low near $1.32 versus the dollar in Asian action. But those gains soon gave way to pressure, sending yields higher.
Fears Greece may eventually move to restructure debt despite the expected activation of a joint European Union-International Monetary Fund standby aid plan, expected to total around 45 billion euros ($61 billion), are also weighing on the market, strategists said.
"The pace with which Greek bond spreads have ballooned out to truly remarkable levels this morning very much indicate that we are rapidly reaching a point where something dramatic must happen to resolve the situation in one way or another," said Simon Derrick, chief currency strategist at Bank of New York Mellon.
"With murmurs of a Greek restructuring becoming audible and official concerns about contagion evident, it seems reasonable to suppose that investors will look increasingly cautiously at the euro zone and the euro," he said.
Fears of restructuring, contagion and uncertainty over Germany all outweighed upbeat remarks by Greek Finance Minister George Papaconstantinou in Washington over the weekend, as well as IMF Managing Director Dominique Strauss-Kahn's assurance that participants understood a need for speedy negotiations.
The Greek government on Friday formally requested to activate the E.U.-IMF package after a week that saw a rout in credit markets send borrowing costs to unsustainable levels.
The dollar index (DXY), which measures the U.S. unit against a trade-weighted basket of six other currencies, traded at 81.503, up from 81.41 late Friday.
The dollar had weakened in Asian trading Monday, gaining only on its Japanese counterpart, as gains for Asian equities decreased the safe-haven appeal of lower-yielding currencies.
The dollar traded at 94.07 yen versus the Japanese currency, up from 94.09 yen on Friday.
The British pound rose 0.6% versus the U.S. dollar to change hands at $1.5463 (CUR_GBPUSD).
The pound appeared to benefit from remarks by Liberal Democrat leader Nick Clegg, who over the weekend appeared to dismiss the prospect of providing support for Prime Minister Gordon Brown's Labour party in the event Labour comes in third in the May 6 general election, said Kenneth Broux, market economist at Lloyds TSB.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?...ZPR4t6vA%3D%3D. You can use this link on the day this article is published and the following day.


(END) Dow Jones Newswires
April 26, 2010 11:40 ET (15:40 GMT)

Soooo meaning might go down to 1.3250??

Am I the only one here who is Bullish on EUR/USD..???

I mean think about it guys - if the market was looking to sell off, the Merkel Press conference was the perfect opportunity - but we haven't gone anywhere. Not to mention the existing shorts that will want to take some risk off the table before FOMC...

yes but dont let me influence your trading. a good place to short was 3344/3389 ect. with a tight sl.. for a scalper. all this crap was posted.. now europe is closed we may drift. i try not to enter at this time.. we usually drift north now. but if we do go lower from now till the roo opens we may see a big bear during asian session.. its unkown.. atm