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Paul Koszarny · 07-04-2003, 18:12

Stocks fever considerably lower, though still in a positive territory on major bourses but it was Wall Street that dragged the dollar and eventually made EUR/USD much higher from today's lows, first through 1.0665, then towards the lost Monday support 1.0709 on dailies and 1.0700 on weeklies. It all began on the first model hour at midday in extremely oversold conditions. As anticipated we have seen bifurcation on stock indices volume, a real threat to buyers at today's market levels and it will be natural to have local reversals on Tuesday. How much it will weigh on the dollar it's difficult to say. Below 1.0709/700 EUR/USD still hasn't filled the bearish gap. So we need to see an extra movement upwards to give up a thought of testing 1.0520 later this week. Roller-coaster volatility warns of wishful thinking that substitutes real stop losses.

07-04-2003, 18:12	#4
Paul Koszarny Super Moderator Join Date: Nov 2002 Posts: 322 Downloads: 0 Uploads: 0 Rep Power: 0	EUR/USD rebound Stocks fever considerably lower, though still in a positive territory on major bourses but it was Wall Street that dragged the dollar and eventually made EUR/USD much higher from today's lows, first through 1.0665, then towards the lost Monday support 1.0709 on dailies and 1.0700 on weeklies. It all began on the first model hour at midday in extremely oversold conditions. As anticipated we have seen bifurcation on stock indices volume, a real threat to buyers at today's market levels and it will be natural to have local reversals on Tuesday. How much it will weigh on the dollar it's difficult to say. Below 1.0709/700 EUR/USD still hasn't filled the bearish gap. So we need to see an extra movement upwards to give up a thought of testing 1.0520 later this week. Roller-coaster volatility warns of wishful thinking that substitutes real stop losses.