Tuesday, July 7, 2009

S&P 500, right below its 200 day MA

The only thing that will save the EURUSD pair is a rebound in the S&P500 around the 880 mark. Over the past few months this area has strengthened. If it can hold (I'm somewhat doubtful) a rally in the EURUSD should take place. If it can't, I think we plunge at least 30% of the distance made from the March lows (to 800 area or so).

We'll see how earnings are perceived in the upcoming weeks.

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