Directional Trend EUR-GBP & Cross Rate Live
| 09 September 2011
http://www.youtube.com/watch?v=LOTFagEjblg
This video supports our Market view analysis of Sept 05-07, 2011 which also is a continuation of our Aug 25 market outlook for the European pairs & cross rate. A spill over of the closing sentiments and continuing trading activity from last Friday's closing.
This would be a lowering price for the European majors as seen with today's price movements. The opening prices across the board already indicated an a gap where some players would take advantage of the US market holiday with just a few traders left over for position adjustment as the new month opens its trading towards the second week of trading activities. Re-emerging European contagion on the debt crisis has somehow been weighing in on the European currencies as it moves further lower beyond their active support levels.
With the Euro currently at the 1.4080 low attempting to cover an extension through the 1.3989-1.4010 initial objective at the start of the trading week. And the follow through price reaction by the GBPUSD at the 1.6089 working price from an initial low of 1.6060; whereas the extension of a low towards the 1.5875-1.5990 trading range maybe the trading range that would be attempted.
The key support range of the US dollar index from 73.40-73.85 has been quite resilient for the past weeks. However, on the upside the 74.40-75.10 is what needs to be watched, as this is the average trading range for the few past weeks. Apparently the USDX is now on a serious rally above the 75.85basis point.
