EUR/USD - 1.4725...Euro fell initially in Asia to 1.4696 b4 rebounding to
1.4809 on short covering n also a selloff in U.S. stock markets (Dow erased the
gains made last Friday), however, the single currency declined again in NY
afternoon n Asia this morning in part due to cross selling in yen (more risk
aversion is anticipated with regional stocks expected to also open lower).
Euro's decline fm 1.4909 (Friday's high) signals the correction fm last
week's low at 1.4630 has ended n below 1.4696 wud extend weakness to 1.4672,
however, hourly oscillators are likely to display o/sold readings on such move n
reckon 1.4630 wud hold on 1st testing. Looking ahead, a breach of 1.4630 is
needed to confirm downtrend fm last month's record high at 1.6040 has 'finally'
resumed n yield further fall to 1.4600 n then 1.4572 (50% proj. of 1.5632-1.4815
Trading fm short side is favoured as only break of 1.4809 wud prolong the
'choppy' trading abv 1.4630 n yield rebound to 1.4828 (61.8% r of 1.4909-1.4696)
n possibly 1.4862 but 1.4909 shud remain intact, bring another fall later...
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