E$ sure has its way of not showing its side!! Based on the close on Friday at 1.3217, I cannot confidently conclude that E$ has closed above the resistance band of 1.3200/20 with the next bullish move towards 1.3300. All I have are.... it was a firm close for the week, CFTC speculative accounts have increased their net E$ short of -118,125 vs last week's -101,364 and......
[The communique of the IMFC says global economy recovering
gradually, the monetary policy of the advanced economies should stay
accommodative, but further actions are needed on fiscal consolidation
and government debt reduction. Global collaboration is key to sustaining
growth everywhere and to ensure stability. Welcome the strengthening of
firewalls and the G-20 agreement to enhance IMF resources.]
Source: MarketNews International
So????
1.3300 (see circle in chart) may still be the ultimate target for this round but for today, I will just stay focus on the potential range.
1.3120/30 to hold (1.3080/90 news induced) and 1.3240 to cap (1.3300/20 news induced) on first test.
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