Forex News 27th September 2011

EUR

After dipping to $1.3360 a modest recovery was made by EUR/USD, taking the pair to a
high of $1.3580. The fundamental reasons are due to reports that ECB may consider a
resumption in covered bond purchases and talk of a sovereign debt TARP for Europe.

TARP program is speculated to be worth 2 trillion EUR or USD.

A break above $1.3580 may confirm a reversal pattern on hourly charts known as
‘Inverted-Head-And-Shoulders,; which if occurs targets $1.3643 initially, ultimate
target lies at $1.3770.

Troika inspectors are due to return to Greece and the big vote on the austerity measures
will be made tonight.

Best assets to follow are gold and silver as Bloombex clients were suggested as the commodities
are beginning to reverse earlier losses.

Gold

Talks of the ECB continuing to buy covered bonds and talks of TARP for Europe are helping
the precious metal. Daily chart are suggesting a nearby reversal as gold failed close below
key support.

Ultimate target for the reversal lies at $1,796. Bloombex clients will continue to be updated
over the day about the commodities including silver.

Commentary

EUR/USD recovery put to the test.

50% Fibo is withholding further gain, for the moment. EUR/USD strong recovery painted
reversed H&S on 4hr chart, which indicates a deeper reversal may be in place if the
$1.3505 (50% Fibo) is breached.

As gold is expected to rise it may also aid EUR/USD.

The publication cannot be distributed, copied and/or make any other usage without Bloombex Ltd.
Consent and written approval.
Although the data has been collected from reliable sources Bloombex does not vouch its accuracy
or precision. The quotes mentioned are for indication only, the implied conditions will only be the concluded
conditions when executing the trade.
The review is presented for instructive purposes in condition it will not be the key factor for trading.
The contents of this publication should not be construed as an express or implied promise, guarantee
Or implication by Bloombex.

Share This Post

Related Articles

© 2017 Global Forex Update.com. All rights reserved. Site Admin · Entries RSS · Comments RSS
Powered by WordPress · Designed by Theme Junkie