Look at the weekly PA we had a 3-week fight between bears and bulls trying to resolve whether 1.38 or 1.33 should be broken first, but it is relatively clear that bears got more guts than the bulls now. Depends on the close of this week Eurusd either will retrace a bit then go down, or just fall of the cliff once for all. Will look for a fight at 1.3431 at least, but also expect this level to be broken sooner or later and Eurusd heading to 1.33 then 1.31 then 1.27
Some interesting news:
1.The WSJ reports the Bundesbank would favor ending the ECB sterilization of bond purchases. That would turn the program into outright QE.
2.The flash Eurozone CPI est. fall to 0.7% from 0.9%
3.The WSJ reports that Greece will need another 5-6 billion euros in the second half of 2014 and want some serious concessions.
So policy differential between Fed and ECB will continue to widen and Greek drama is sneaking back to the stage.
For me, Eurusd is a sell for now unless some pretty amazing miracle happens, and even if miracle happens and Eurusd managed another bounce back to 1.37 or 1.38 that's just a better opportunity for shorting the hell out of it.
Some interesting news:
1.The WSJ reports the Bundesbank would favor ending the ECB sterilization of bond purchases. That would turn the program into outright QE.
2.The flash Eurozone CPI est. fall to 0.7% from 0.9%
3.The WSJ reports that Greece will need another 5-6 billion euros in the second half of 2014 and want some serious concessions.
So policy differential between Fed and ECB will continue to widen and Greek drama is sneaking back to the stage.
For me, Eurusd is a sell for now unless some pretty amazing miracle happens, and even if miracle happens and Eurusd managed another bounce back to 1.37 or 1.38 that's just a better opportunity for shorting the hell out of it.
Attached Image (click to enlarge)
