New York, July
14th: The rally stalled today at 1.2118, and some quick profit taking ahead of
1.2120 from intraday accounts sent EUR/USD back down to 1.2100. That is where
model buying was noted earlier and saw a US name appear as an aggressive EUR/USD
buyer. There are reports of additional option expirations at 1.2070 that will
make the 1.2070/50 are of support even more important today. The calls for a
basing in EUR/USD are getting stronger and the solid buying of EUR/JPY, EUR/GBP
and EUR/SEK all point to the solid demand for the single currency today. Stops
are in the order books between 1.2120/25, so further upward progress is
expected.
gruss,
josh
14th: The rally stalled today at 1.2118, and some quick profit taking ahead of
1.2120 from intraday accounts sent EUR/USD back down to 1.2100. That is where
model buying was noted earlier and saw a US name appear as an aggressive EUR/USD
buyer. There are reports of additional option expirations at 1.2070 that will
make the 1.2070/50 are of support even more important today. The calls for a
basing in EUR/USD are getting stronger and the solid buying of EUR/JPY, EUR/GBP
and EUR/SEK all point to the solid demand for the single currency today. Stops
are in the order books between 1.2120/25, so further upward progress is
expected.
gruss,
josh