FOREX PRO WEEKLY, 31-04 September, 2015

[Sive Morten]

Fundamentals

Reuters reports dollar rose to one-week highs on Friday for a fourth straight session of gains after some Federal Reserve officials did not rule out an interest rate hike next month despite this week's market meltdown.

The dollar index, a gauge of the greenback's value against six major currencies, rebounded from seven-month lows struck on Monday and posted its largest weekly gain in a month as financial markets calmed down after recent turmoil.

The index extended gains after Federal Reserve Vice Chair Stanley Fischer said the U.S. central bank can't wait for the case on hiking interest rates to be overwhelming. But he was undecided whether to raise rates in September.

Atlanta Federal Reserve President Dennis Lockhart, a voting member of the rate-setting Federal Open Market Committee, saw the odds of a rate hike in September as roughly even.

Traders in the interest rate market have therefore priced in a more than 50 percent chance of an October increase.

"The August nonfarm payrolls report may play an increased role in shaping market expectations, and a further expansion in U.S. job growth paired with a down-tick in the unemployment rate may boost bets for a rate hike in September," said David Song, currency analyst at DailyFX in New York.

Earlier, St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester voiced no panic about the recent market turmoil.

"Nothing has happened here that is so radically changing the U.S. outlook that the basic trajectory of policy would change," Bullard said on the sidelines of a global central bankers' conference in Jackson Hole, Wyoming.

Mester echoed Bullard's sentiment, saying the U.S. economy could handle a modest rate hike, although she did not commit to backing a move next month.

The euro, meanwhile, fell 0.6 percent to $1.1180 , well off its Monday high above $1.1700 when the sell-off in global markets led investors to unwind euro-funded carry trades.

Also, guys, yesterday Leo4x has posted news that China is selling US Treasuries to accumulate dollars and support yuan. Here is article on Bloomberg:
http://www.bloomberg.com/news/artic...treasuries-as-dollars-needed-for-yuan-support

Here is some comments on CNBC:
http://www.cnbc.com/2015/08/28/china-dumping-treasurys-heres-what-you-must-know.html

This is very important event and definitely it has relation to former turmoil on stock market, but analysts are wide in their opinion. Logically it is bearish for US Treasuries markets and bearish for US Stock and Real Estate markets, because cost of financing has relation to bond short-term rate and T-note rate (for real estate) and as it rises, it becomes more expensive to finance positions on stock market.
Still current situation shows that additional demand on a run to safe-haven should compensate sell-off coming from China. Some analysts think that China devalues other its dollar assets as it pushes Treasuries yield higher. So, currently it is not quite clear what we could get in result, but it is obvious that this sell-off has strong relation to drop on stocks and that this turmoil has not finished yet, despite what US officials have said in Wyoming. It is only beginning. Mostly it will depend on how much Treasuries China will sale and how fast it will do it...Besides, right now rising Fed rate will look like big joke as China already works on it...
Finally, ECB could extend it's QE program:
http://uk.reuters.com/article/2015/08/28/uk-ecb-policy-poll-idUKKCN0QX0LB20150828

Currently we also have got interesting CFTC numbers on EUR. THus by 25th of August Open interest has risen significantly, approx. for 55K contracts. If we will take a look at Speculative positions we will see that longs have increased for ~20K, shorts have decreased approximately for the same value. It means that net long position has grown for 40K. Still shorts exceed longs almost 2:1 and EUR has a lot of room to continue move higher. As Open interest has increased, while speculative positions stands flat is sum, what has tirggered such big increase? Shorts of hedgers - take a look at Commercials shorts. They have jumped for 60K contracts. This is very bullish sign:
Open interest:

Speculative shorts:

Speculative Longs

Hedgers Shorts:

Technicals
Monthly
As we've said recently, monthly charts mostly brings more questions rather than answers. Now it is confusing situation is forming around DiNapoli directional patterns - what in reality we will get B&B "Sell" or DRPO "Buy"?
From one point of view we could get second close above 3x3 DMA. Right now EUR stands above 3x3 and if it will close above it by the end of the month – this one will be second close. But probably you will agree with me that this DRPO looks curious. We have no recognizable second bottom as usually it should to, also we have this untypical spike up that confuses the idea and market mechanics of DRPO.
So, may this is still B&B "Sell"? Market has reached 3/8 Fib resistance on 3rd close above 3x3 DMA? But the problem is that 2nd close was below 3x3... so it also some confusing moment, although my the shape, this mostly reminds B&B...
But this is not yet. Last week we at least could count on upside AB=CD by bullish engulfing here, and this pattern in joining with DRPO have provided relatively good confidence on upside action. But right now - we haven't got DRPO yet, but AB-CD and engulfing already has been completed.
That's being said, here we have absolutely confusing information. CFTC data points on strong bullish shift, while monthly picture does not clearly confirm this. All patterns are with flaws and look not very reliable.

Our minor target at 1.18 mostly have been completed. But next possible target @1.22 currently stands under question. It should follow from DRPO, but due to the reasons that we've placed above, we can't rely on it.

Still, despite the depth of this retracement, we still will treat it as bounce, if even EUR will reach 1.20-1.22 area. Market too long stands in downward action, especially during recent year and market has solid bearish momentum. Also take a look at butterfly pattern. Here we see definite acceleration right to 1.27 target point. Usually it leads market to next 1.618 target after retracement.

Weekly
Our conclusion last week has suggested reaching of 1.15 area and then retracement down due overbought. But market has made a spike up right to 1.18 target. On weekly chart we have clear bullish signs - market has moved strongly above MPR1 and now we have corresponding confirmation from COT report on sentiment shifting. Trend is still bullish here.
Although recently we have counted on shyer retracement, but market has dropped lower. This does not erase bullish perspective yet, at the same time we also see some not very pleasant features. For example, the shape of upside action. It takes the form of flag and this flag is bearish since it was formed after plunge down and after 1.27 target of monthly butterfly been hit.
Second - if EUR will drop below 1.08 lows - trend will shift bearish and upside AB=CD will be broken. This will be bearish sign and probably will lead market to 1.04 lows again at the least.
Now to think again on possible long entry we need to get reversal on daily chart and wait when daily trend will shift bullish. Last week this was a question on daily-intraday scale, while right now it comes on higher level and becomes the scale of weekly-daily frame as daily chart has turned bearish.

Daily
Well, yesterday market has failed the chance for "easy and light" retracement if it would kept upside trend around 50% support. But this setup has failed, trend has turned bearish and retracement has come on higher scale. As you can see the MACD lines have very steep angle of crossing and this is not good sign.
Still current situation is not a tragedy, EUR still keeps chances on re-establishing of upside action. But we will be able to take long position only if daily trend will shift bullish again. Currently, as soon as trend holds bearish and we do not have any bullish directional patterns - we can't take long position. Yesterday was the last chance, but market has broken the trend in break even point...
Next week we will be watching for 1.11 area. This conjunction of supports - two different Fib support levels, including major 50% Fib support of whole upside action, daily oversold - that potentially could give us bullish Stretch pattern. This will be an area of particular interest and probably we will not take any steps until we understand market reaction there.

4-hour
Here we do not have a lot of additional information. Market will open below WPP. As EUR has passed through 1.0 AB-CD target, next logical destination is 1.618 extension that creates an Agreement with daily major 50% Fib level around 1.1080. This moment just confirms that we should wait reaching of mentioned support cluster and targets. Then, if somehow daily trend will turn bullish again - we return back to discussion of long positions. If not - our daily context will turn bearish totally and we will discuss action to 1.08 first and in perspective to 1.03 lows...So right now EUR perspective mostly depends on 1.10-1.11 support area

Conclusion:
EUR still keeps chances on upside continuation but it's inability to keep daily trend bullish has increased the scale of retracement. Now to talk on bullish perspectives again we need to get reversal of daily trend.
Next week market mostly will depend on 1.10-1.11 support area. If EUR will fall further - chances on upside continuation will decrease significantly.

The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[Sive Morten]

Good morning,
Reuters reports today The yen and euro edged higher on Tuesday as falls in Asian equities kept the focus on whether investors would need to further unwind carry trades, bets in risk assets funded by low-yielding currencies.

Surveys of China's manufacturing and services sector that reinforced worries of a sharper slowdown in the economy helped keep the yen and euro on firm footings.

Speculators often use low-yielding currencies to fund positions in higher-yielding currencies and equities, so a worsening outlook for equity markets tends to boost currencies such as the euro and the yen.

In the stock market, MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.5 percent, while U.S. stock index futures fell 1.5 percent .

Risk appetite had already been dampened by falls in U.S. equities on Monday.

That drop in shares came after comments by Federal Reserve Vice Chairman Stanley Fischer last week were interpreted as not ruling out the possibility of a rate hike in September, even though global financial markets have been through turmoil in recent weeks.

Growing doubts that the Fed would raise interest rates this month in the wake of such market turbulence, have weighed on the dollar in recent weeks.

"Given the way global stock markets have been, I think that seems pretty unlikely," said a trader for a Japanese bank in Singapore, referring to the possibility of the Fed raising interest rates in September.

Even if forthcoming U.S. economic data is relatively strong, the trader said his guess was that the Fed will probably hold off from raising interest rates this month.

Later on Tuesday, investors will turn their focus to a survey of U.S. manufacturing activity.

The Australian dollar rose 0.4 percent to $0.7141 . The Aussie had set a 6 1/2-year low of $0.7044 late last month, reflecting concerns on the Chinese economy.

Sterling edged up 0.3 percent to $1.5396 , having pulled up from an intraday low of $1.5341. Sterling has strong technical support at its July low of $1.5330.

"The market thinks the Bank of England will raise rates only after the Fed will raise rates...There's a chance that sterling could fall further against the dollar," said Shinichiro Kadota, chief FX strategist at Barclays in Tokyo.

So, currently we do not have a lot of clear setups. On EUR market shows bounce up from strong support area that we've discussed in weekly research - combination of daily K-area, major 50% level and 4-hour chart 1.618 AB-CD target, that creates Agreement. Also this is trend line support.
Although action looks not bad - trend still holds bearish here and we can't take long position by far. At the same time we can't go short as well, because market stands very close to support and it will be difficult to find reasonable point to get acceptable risk/reward ratio:

On 4-hour chart market is flirting around MPP, it also has not tested yet WPP. Upward action does not look yet as impressive and EUR has not broken yet the tendency of lower highs and lower lows. So, it seems that on EUR we could do nothing but wait - either for daily bullish trend or bearish breakout of 1.10 level:

Still, until we're waiting for EUR clarity - take a look at 4-hour GBP chart. On daily picture market stands at K-support and oversold, while on 4-hour chart it has chance to create DRPO "Buy". This setup is not for everybody, but may be it will be interesting for somebody:

Also guys, S&P fall continues, even in deep oversold. It tells that this is not just technical correction and some really big shifts stand at the back of this action...

 

[Sive Morten]

Good morning,

Recent Reuters comments - dollar bounced to cut steep losses versus the yen on Wednesday as Tokyo shares rebounded after sharp losses, dulling demand for the safe-haven Japanese currency for the time being.

The U.S. currency fared better against commodity currencies like the Australian and Canadian dollars, put on the defensive as crude oil prices resumed falling.

The greenback was still sharply lower from its overnight high of 121.265 against its Japanese peer, which tends to attract bids in times of financial market turmoil.

The dollar's bounce forced the euro to fall back 0.3 percent to $1.1275 . The common currency rallied 0.9 percent on Tuesday when it went as high as $1.1332.

"The dollar fell against the yen early in the session, apparently led by foreign players' selling, but it rebounded as shorts were covered when long-term funds came in and shored up the Nikkei," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo.

"But a drop by Shanghai shares has slowed the Nikkei's rise, preventing a further rebound by dollar/yen. For currencies, its about watching stocks lately," Ogino said.

Speculators and investors had also sold low-yielding yen and euro to buy higher-yielding currencies and shares in a "carry trade" strategy that had to be unwound as a worsening outlook for global economy spelled weakness for equities.

As such, the yen and euro have tended to gain when stocks decline. The Japanese currency had reached a seven-month peak of 116.15 yen to the dollar early last week during a China-led rout in global equities.

Shanghai shares fell as much as 4 percent on Wednesday, with sentiment still raw after Tuesday's weak Chinese manufacturing data rekindled growth fears, but later some of the losses were pared.

A report showing softness in U.S. factories added to the gloom over the global economy, sending the S&P 500 down 2.5 percent and U.S. crude tanking 10 percent over the past two sessions.

"Short-term focus will be on the U.S. ADP employment report due later today and the European Central Bank meeting tomorrow. There are hopes that the ECB may ease further in light of recent developments, which could improve risk sentiment," said Shinichiro Kadota, chief Japan FX strategist at Barclays in Tokyo.

The markets will study the ADP employment report as a rough predictor of the more comprehensive U.S. non-farm payrolls due on Friday.

Pummelled by the slide in oil and other commodity prices, the Australian dollar was down 0.1 percent at $0.7012 after hitting a 6-1/2-year low of $0.6982 earlier in the session, its decline accelerated by weaker-than-expected domestic GDP data.

The Canadian dollar, another commodity currency buffeted by gyrations in oil prices, pulled back slightly to C$1.3238 per dollar after losing 0.9 percent overnight. The retreat put the loonie closer to an 11-year low of C$1.3353 struck last week

As we see nothing special on EUR today, it's time to refresh our view on CAD. It's no secret that CAD stands rather close to our major monthly target - 1.3425 and it has chances to hit it on current week, especially if we will get relatively good numbers on NFP and ADP.
Thus, on daily chart we see that butterfly 1.618 target coincides with major AB-CD monthly target (Purple line) at 1.3425. Recently CAD has turned to narrow channel action and probably will continue this shape until it will hit the target. Also you can see that CAD has abandoned overobught condition and OB right now is not a barrier on a way up:

4-hour chart is our major picture. Here I do not want to speak on butterflies. Here you will find a lot of them, and even could get 3-Drive pattern. It doesn't matter. What I do want to say is about retracement style. Take a look how interestingly CAD retraces - it forms widening triangle. It has happened previously and right now is happening again.
The 1.618 of most recent triangle (that could turn to butterfly later, no doubts), should lead CAD right to the point. In this case we could ask - from what level CAD could jump up? With this question trendline support should help us:

Market has tested MPP and stands above it. Also, guys, reaching of 1.3425 is possible, because Crude Oil stands in daily huge and perfect B&B "Sell" Pattern, and it is going to its target down:

Taking it all together, chances are not bad to hit 1.3425 on current week, especially if employment data will help us a bit...

 

[Sive Morten]

Good morning,

Recent Reuters comments - euro steadied on Thursday, having rallied 1.5 percent on a trade-weighted basis since China devalued the yuan last month, with the focus on whether the rise could prompt the European Central Bank (ECB) to try to talk it down.

ECB President Mario Draghi will address a news conference at 1230 GMT, less than an hour after an interest rate decision. While no change is expected, the bank is set to cut its inflation forecasts and will probably promise to beef up its bond-buying programme if prospects weaken further.

China's slowing economy and worries about global growth have prompted investors to increase bets on the safe-haven yen and the low-yielding euro. Both had been popular for funding carry trades involving the sale of these currencies to buy higher-yielding, but riskier, currencies and assets.

The unwinding of these risky carry trades has boosted the euro, much to the discomfort of the ECB. The euro trade-weighted index is near its highest since mid-January, offsetting some of the ECB's effort to try to get euro zone inflation to 2 percent by flooding the system with euros through its 1 trillion euro asset buying programme.

A firmer currency lowers the cost of imports and tends to drag down headline inflation. Against the dollar, the euro was flat at $1.1230 , having risen to a high of $1.1332 earlier this week. The euro was also flat against the yen at 135.10 yen.

"The downside risk to the inflation path, the latest fall in risk assets and a rise of the trade-weighted euro do point towards dovish language during the press conference," said Petr Krpata, currency strategist at ING.

Dovish language from the ECB should underpin overall risk sentiment and help the dollar, which has in the past few weeks moved in tandem with global stocks.

whose financial markets are closed Thursday and Friday for holidays.

Traders expect the closure of Chinese markets to reduce volatility in markets before the U.S. non-farm payrolls report due on Friday. Forecasts are for 220,000 jobs being added last month and the jobless rate at 5.2 percent.

"The bar for a dollar positive surprise from the payrolls data has likely shifted higher above 230,000 given concerns that ongoing volatility will prevent a hike in September," Citi analysts said in a note.

So, as our CAD setup stands intact let's take a look at EUR again. Recent action shows that chances on another dive have increased. As market expects more dovish comments from ECB today and positive surprise on NFP tomorrow. ADP report was a bit less than expected but it has kept the pace of employment market recovery.
Technical picture also does not encourage for buying yet. On daily chart we see only minor upside reaction on reaching K-support area, trend is stil lbearish here.

So, as we've prepared forecast on weekend as we will follow it till the end of the week, probably. On intraday chart market also does not show any sign of thrust up. Even more - trend shifting to bullish has not led to any ipside action and mostly indicates bearish dynamic pressure. So, chances that market still will hit 1.1045 target are significant. This is 1.618 AB-CD point and right now is butterfly destination as well:

 

[Sive Morten]

ood morning,

Reuters reports today dollar fell on Friday while demand for the safe-haven yen picked up as stocks weakened, with traders increasingly certain that a key U.S. jobs report due later is unlikely to push the Federal Reserve to raise rates.

Traders said a non-farm payrolls report which is in line with expectations, or even a slightly better-than-expected reading, would be unlikely to alter expectations that the Federal Reserve will not raise interest rates later this month.

For the dollar to get a boost, not only would the report have to show a huge rise above the 220,000 consensus figure, but wages too would need to register a sharp uptick, which could bring a hike this month back onto the table, analysts said.

Expectations of a rate hike by the Fed in September have waned as a slowdown in China has brought increased market volatility across asset classes. That has caused the dollar to struggle in recent weeks, especially against the yen.

"The bar for a dollar-positive surprise is likely higher --above 230,000 -- given concerns that ongoing volatility will prevent a September hike," said Josh O'Byrne, currency strategist at Citi. "(A reading) below 180,000 could be seen taking September off the table."

The yen also rose against the euro, which had come under broad pressure after the European Central Bank gave a sobering assessment of the euro zone economy and suggested it may have to beef up its already massive stimulus programme.

The euro was down 0.5 percent at 132.85 yen after skidding to a four-month low of 132.62 . The single currency, though, stabilized against the dollar, trading 0.2 percent higher at $1.1140 , supported by a steady unwinding of euro-funded carry trades as stocks struggled.

Japan's Nikkei fell to a seven-month low, while European stocks were in the red, prompting traders to unwind carry trades, funded in the low-yielding euro and the yen. Traders said unless volatility faded, the euro would side-step the ECB's easy monetary policy stance and continue to benefit from unwinding of risky bets.

The euro had fallen to a two-week low against the dollar on Thursday after ECB President Mario Draghi said the bank's bond-buying programme may run beyond September 2016 and that its size and composition may be adjusted.

"Bottom line: the risk the ECB's current asset purchase programme is extended beyond September 2016 is rising, which should continue to weigh on euro and euro zone short-term swap rates," Elias Haddad, senior currency strategist at Commonwealth Bank wrote in a note.

So, today we again return back to CAD discussion, as it has done another step in direction to major monthly 1.3410 target. On daily chart nothing has changed significantly, market still stands in upside creeping and stands with the shape of upside channel. Butterfly target coincides with major monthly AB=CD:

So, as last time, 4-hour chart is most interesting for us right now. Recall that last time we've discussed similar widening triangles - the way, how CAD is moving down inside the channel. Our conclusion was as soon as market will completed triangle, it should drop down to line support and after that upside action should start again.
Thus, this condition has been completed and market has tested line finally. Chances on appearing of butterfly "Sell" here also are not bad. 1.27 extension of this pattern will coincide with major monthly target. NFP positive data could become a driving factor for this action.
So, if you would like to take bet on this scenario, you could try to take long position on some minor retracement on hourly chart with stops below 1.3120 lows - butterfly invalidation point. Target - monthly destination around 1.3410.

 

[BeeKay8]

Thank you for another great analysis, Sive!

Although we had pretty strong upward movement two weeks ago, market's "retracement" last week looked strong as well. This makes me a bit hesitant on LONGS and unless I see market show some strong thrusting upward moves, I think I will stand on bearish side for now.

Moreover, we have one day left in August and it seems as though we possibly have a Bearish SG on monthly time frame?

 

[Robban68]

Some thoughts about the monthly chart. I have difficult to see that the potential DRPO buy has started due to we don't have got any lower low (after the 3x3 close above)
Lets assume the B&B will fail ( no touch of the 3/8fib within three periods) and we return right back and take out the 1.045x low, couldn't we get a DRPO buy in that case? Or I miss something?

 

[Sive Morten]

Although we had pretty strong upward movement two weeks ago, market's "retracement" last week looked strong as well. This makes me a bit hesitant on LONGS and unless I see market show some strong thrusting upward moves, I think I will stand on bearish side for now.

Moreover, we have one day left in August and it seems as though we possibly have a Bearish SG on monthly time frame?

Well, I also watch for it, but we havn't got yet...

Lets assume the B&B will fail ( no touch of the 3/8fib within three periods) and we return right back and take out the 1.045x low, couldn't we get a DRPO buy in that case? Or I miss something?

No, because we already have multiple crosses of 3x3. In this case we will get something different...

 

[tun13]

Good morning,
Reuters reports today The yen and euro edged higher on Tuesday as falls in Asian equities kept the focus on whether investors would need to further unwind carry trades, bets in risk assets funded by low-yielding currencies.

Surveys of China's manufacturing and services sector that reinforced worries of a sharper slowdown in the economy helped keep the yen and euro on firm footings.

Speculators often use low-yielding currencies to fund positions in higher-yielding currencies and equities, so a worsening outlook for equity markets tends to boost currencies such as the euro and the yen.

In the stock market, MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.5 percent, while U.S. stock index futures fell 1.5 percent .

Risk appetite had already been dampened by falls in U.S. equities on Monday.

That drop in shares came after comments by Federal Reserve Vice Chairman Stanley Fischer last week were interpreted as not ruling out the possibility of a rate hike in September, even though global financial markets have been through turmoil in recent weeks.

Growing doubts that the Fed would raise interest rates this month in the wake of such market turbulence, have weighed on the dollar in recent weeks.

"Given the way global stock markets have been, I think that seems pretty unlikely," said a trader for a Japanese bank in Singapore, referring to the possibility of the Fed raising interest rates in September.

Even if forthcoming U.S. economic data is relatively strong, the trader said his guess was that the Fed will probably hold off from raising interest rates this month.

Later on Tuesday, investors will turn their focus to a survey of U.S. manufacturing activity.

The Australian dollar rose 0.4 percent to $0.7141 . The Aussie had set a 6 1/2-year low of $0.7044 late last month, reflecting concerns on the Chinese economy.

Sterling edged up 0.3 percent to $1.5396 , having pulled up from an intraday low of $1.5341. Sterling has strong technical support at its July low of $1.5330.

"The market thinks the Bank of England will raise rates only after the Fed will raise rates...There's a chance that sterling could fall further against the dollar," said Shinichiro Kadota, chief FX strategist at Barclays in Tokyo.

So, currently we do not have a lot of clear setups. On EUR market shows bounce up from strong support area that we've discussed in weekly research - combination of daily K-area, major 50% level and 4-hour chart 1.618 AB-CD target, that creates Agreement. Also this is trend line support.
Although action looks not bad - trend still holds bearish here and we can't take long position by far. At the same time we can't go short as well, because market stands very close to support and it will be difficult to find reasonable point to get acceptable risk/reward ratio:
View attachment 20866

On 4-hour chart market is flirting around MPP, it also has not tested yet WPP. Upward action does not look yet as impressive and EUR has not broken yet the tendency of lower highs and lower lows. So, it seems that on EUR we could do nothing but wait - either for daily bullish trend or bearish breakout of 1.10 level:
View attachment 20867

Still, until we're waiting for EUR clarity - take a look at 4-hour GBP chart. On daily picture market stands at K-support and oversold, while on 4-hour chart it has chance to create DRPO "Buy". This setup is not for everybody, but may be it will be interesting for somebody:
View attachment 20868

Also guys, S&P fall continues, even in deep oversold. It tells that this is not just technical correction and some really big shifts stand at the back of this action...

Thanks alot for your thoughts on GBP-USD,"as you said it might be for someone" thank you Sir.

 

[stelore]

Hello Sive,
thanks a lot for your Analysis, but no Euro today?
I was here waiting some hints for it after yesterday's drop, but I guess I'll have to wait the weekend and your LT analysis

Have a nice weekend
Stefano