SMRA on EURUSD

Market news

7 December 2010

SMRA on EURUSD

Techs, from SMRA's Michael Sacchitello: " EURUSD needs to hold $1.3249 in order to hold on to the possibility that the post-11/30 correction has room to mature through $1.3538/$1.3716. Conversely, failure to hold $1.3249 reverses short-term euro strength; initially exposing EURUSD to the $1.3204 through $1.3149 area, with settlement below the latter raising the odds of an eventual move to new lows.

Nikkei News reports that a survey of private forecasters shows expectations that the June-Sep. GDP revision to be released Thursday will show growth at 4.1% vs the 3.9% pace reported previously.

US focus: Euro erases increase against Dollar as Ireland nears vote on aid package

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