Risk off, Europe, Fiscal cliff, China? The markets have been dominated by these headlines for the first 3 days this week, a long hangover from Fridays Non-farms and Low unemployment rate. Yesterdays American session saw a 100 point sell off on Wall Street, relentless selling dominated the Asian Session aswell after S&P downgraded Spain, the Dow Jones touched off 13300 briefly before recovering to 13330 where we trade as I type now. With Analysts starting to mention the word correction there will be a negative bias to todays european session, but with low interest rates, free liquidity and not much news a relieve rally will occur on any good news. The Euro is still stuck in its 1.2822-1.3050 range, the 200 day MA was tested last night but it bounced straight off and went higher, there was obviously a lot orders located in that region. We trade at 1.28492 at present. As of yesterday the pair will see orders in the 1.291 area and bids in the 1.283 region. A break below the 200 Day MA would turn the Euro bearish and a deeper correction target of 1.2750-1-26 could be seen. Not much news to note today except some initial jobless claims at 13 30 in The States.
Happy Trading
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