Top of the Risk Management morning to all, Yesterdays Euro rally started at the 200 Day MA average and did 200 pips before fizzling out at 1.2951...a very important fibonacci retracement. This was the 50% retracement of the 1.2824-1.3072 rally. I can guarantee there will be a lot of orders around here with stops just above. The Euro rally yesterday broke through the 1.2910 barrier with apparent Macro Fund stops being tripped just past this level allowing further upside. The Euro has since consolidated and now sits at 1.2935 as I type. The American equity markets opened in positive territory yesterday trying to stop the rot after 3 sessions in the negative. Wall street reached the heights of 13,435 before selling off nearly 100 points. This has been typical of the American sessions this week. The Initial Jobless claims were the lowest since February 2008 but there was errors cited in the results as one large state was omitted from the calculations. A quiet Asian Session saw the Euro once again go for the 1.2951 Barrier but this was stopped once the Europeans entered the frame at 7 O'clock London time.
On the order board note we see big bids for the EUR/USD pair at 1.2900/10 and big offers from 1.2960 upwards. It looks like another day in the range but markets do seem more positive so the upside would be favoured. Happy Trading
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