05-23-2012, 02:45 PM #1Senior Member
- Join Date
- Apr 2012
Now that the housing problem is solved…
Upbeat US housing data today shows that QE is further away than we thought, helping unleash a wave of selling in gold and other commodities and giving the dollar a lift. Is that the cause for the euro slide? I doubt it was a major contributor, but it doesn’t hurt.
Support on the charts is pretty sparse until the 1.2150 area, looking at the dailies.
Rallies toward 1.2615/25 are will be used by trapped longs to lighten up intraday. 1.2575 and 1.2550 barriers are stumbling blocks on the downside near-term. I doubt they will be heavily defended until 1.2500, where I expect a very spirited defense.
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