EURUSD fall on Deutsche Bank rating decline
Written March 4, 2010 at 11:41 AM EST by Greg Michalowski
The EURUSD has fallen through the 200 hour MA at the 1.3583 level and moved to the 61.8% retracement of the move up from March 2nd. That level comes in at the 1.3551 level. Now, expect seller against the 1.3583/86 level (see chart above), with next support at the 1.3551 adn 1.3514. Banking and country debt concerns in the Eurozone should keep pressure on the pair.
Categories: Forex Trading |
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Hi Greg,
I just have a general question… How does one determine when to draw the Fibo lines, ie.: which lows/highs to pick, how far back to go, etc. Are there general guidelines on that?
Take a meaningful high and low price. On a 5 minute chart it may be different than an hourly chart. THe goal however, is to find the most meaningful logical areas that you would think the market is watching as well.
I will try and touch on it this afternoon.
Greg
Some smart people @ Goldman Sachs. Paid a fee for hiding Greece debt to get them into the EU while at the same time selling CDS against Greek debt(to suckers) and not to mention they recommended to their FX clients (ie. more suckers) that eurusd would be at $1.55. Only way the latter prediction will manifest is if GS covers its $50k-$100K/tick trades.