US equities have traded lower all day but are rebounding nicely late in the session, down only 0.3% after being down over 1% most of the day. Oil prices have turned up as well, helping undermine the grrnback a bit. EUR/USD has bounced to the 1.39 level once again.
Stocks staging late day rebound
Source: www.forexlive.com
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EUR/USD 1 hour chart head and shoulders
A text book head and shoulders formation has set up on the 1 hour chart in eur/usd. The neckline stands at 1.4110. A breakdown there would target 1.3850 zone. The move could happen on a dovish commentary from Trichet who might insist on strong euro being bad for the euro...
GBPUSD rebounded from 1.5535
Being supported by the rising trend line from 1.4346 (Jun 8 low) to 1.5124, GBPUSD rebounded from 1.5535 level. Now the pair is forming a...
West Lb denies was in danger
West LB, the German bank, denies it nearly went bust over the weekend (of course). Reuters reported earlier today that the Bank received an additional EUR 4 bln in guarantees from the state and other owners. Whether or not a failure was imminent, it is a reminder that European banks have done less...
EUR/JPY technicals
Modest uptrend still in play here on the hourly charts but the excessive volatility from last Friday between 136.30 and 139.20 may be signalling th the quiet times are over and we are in for more high volatility. Risk/reward would seem to favour buying dips with a stop below...
FOREX: Ringgit Lower Against US Dollar In Early Session
KUALA LUMPUR, June 8 (Bernama) -- The ringgit was lower against the US dollar in the early session today on lack of commercial interest for the local unit, ... See all stories on this...