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EUR Falls Like A Hot Knife
By Benny Nardino | September 30, 2008
Euro held its ground against the dollar, in the morning trades despite the recent events in the US, European traders were very tentative in the morning trades. With volume and volatility thin on books the pair, EURUSD began dripping as European session awaits the US economic reports.
| 1:45pm | USD |  |
President Bush Speaks
|
 |
|||
| 2:00pm | USD | |
S&P/CS Composite-20 HPI y/y
|
|
-16.3%
|
-16.1% |
-15.9%
|
| 2:45pm | USD |  |
|
56.7
|
53.5 |
57.9
|
|
| 3:00pm | USD |  |
|
59.8
|
54.6 |
58.5
 |
As shown in the above table (courtessy of Forexfactory.com), the Consumer Confidence came in far better than expected and the ‘EUR falls like a hot knife cutting through butter’. As the chart reveals, the 76.4% is broken.
EUR Falls
In out late morning analysis, we were hoping to make an entry at 1.4320. But we only got 1.4301and stops set to 1.4340. We have since moved that stop to 1.4200 locking in some profits. We anticipate support at 1.4150 Fib. 100% level.
Have a great day of trading and please trade with caution.
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