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Euro Posts Reversal Top after Irish Bank Downgrade

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Sep 27, 2010.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
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    Today’s sample of Forex Analysis from ForexHound.com

    The EUR USD posted a closing price reversal top on Monday after Moody’s Investors Service said it cut Anglo Irish Bank’s unguaranteed senior debt to Baa3 from A3, and cut its dated subordinated debt to Caa1 from Ba1.

    The chart pattern suggests a possible top, but the pace of the break from the top may be hindered by lingering concerns that the U.S. Federal Reserve will engage in quantitative easing.

    Technically, I had been anticipating a possible top or at the least a technical bounce once the Euro reached the 50% price level of the main 1.1876 to 1.5144 range at 1.3510. The current rally reached 1.3507 before sellers stepped in.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

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