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Intraday Thoughts – November 11, 2008

Premium Market Reports by FXTechStrategy

Intraday Thoughts – November 11, 2008
Monday, November 10th, 2008 @ 5:04 pm by Mark De La Paz

Earlier optimism from Asia and Europe saw US equity indices starting out firm at the outset but reports of a second bailout for AIG at $40 billion and more record losses for Fannie Mae is seeing gains being unwound and with this taking currency markets down once again. At this point note it appears that the wide ranging Symmetric triangle in EURUSD charts is getting resolved with a downside breakout a daily close below the support line paving the way for a retest of the 1.2650 and 1.2527 lows. For Cable eyes are once again turned to the 1.5531 floors, though an even bigger story is the Yen pairs as we retreat even in USDJPY as well underscoring just how risk averse the market is, the objective on this one 96.84 the 38.2 Fib retracement level from the lows of October 24.

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