Bears massing for another assault on the Euro
After witnessing another plunge in the euro last Friday, and the weaker-than-expected jobs numbersthat did not helped, another bear attack on the Euro will be the least of surprises when the currency markets open on Monday.
After witnessing another plunge in the euro last Friday, and the weaker-than-expected jobs numbersthat did not helped, another bear attack on the Euro will be the least of surprises when the currency markets open on Monday.
The 1.2000 level has been broken, and if the decline from the November 2009 highs (point c) is equal to the decline from the 2008 highs to the 2008 lows (a to b), the equality or Fibonacci projection target is at 1.1430. There is also chart support going back to late 2005 in the 1.1650 area. Clearly, the market is very oversold with strong resistance at 1.2500.
Hungary may be just a speck to global investors but it certainly won't go unnoticed the heat is spreading across Europe .....
slowly but surely.
U received your postcard from Budapest?
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