Fundamentals.......
* Moody's downgraded 28 Spanish banks and 2 issuer ratings by 1 to 4 notches (E$ did not really react!!)
* CFTC net speculators revealed that E$ net short stands at -141,066 (19 Jun), down sharply from -195,187 (12 Jun) and from the record level -214,418 (5 Jun).
* Stop loss orders can be found at 1.2470 and 1.2442-35.
After almost a full day of consolidation, short and longer term o/s condition has been unwound but still not into the o/b zone yet. Looking at the price actions, it appears that we may be in for further consolidation with a slight upside bias to retest the 21 DMA which is at 1.2532 today and possibly further short squeeze into 1.2550/60.
Today will be light on economic data releases and market will mark time for the EU Summit starting on Thursday.
It will be a lower percentage call today but if anything, I will await to sell E$ on rally as I maintain my bearish bias for the week.
1.2480/70 to hold for now (1.2430/20 stronger support).
All the best!
 |
| E$ Daily chart |
No comments:
Post a Comment