IIFT Daily Note with Peter Brown

Is it time for another leg of the Euro crisis

Posted by:  |  Time: 7:18 am  |  Topic:
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A crazy day on the market yesterday. We thought it would correct and it did, eventually. But after a roller coaster ride. The Euro summit as usual reached only confusion. Doubts over the ESM, Greece, Spain and Merkel wanting budget control over everybody. It is still a mess. Then we had Google with their early release of bad figures. It was a mad day.

However we find ourselves at the bottom end of the ranges. Do we sell from here or bounce?

Support is at 1.3050  and 1447 so not far away. We need the dust to settle on the Euro Summit, Greece need a new debt deal and that will come to the fore soon. In the meantime you need to see the price action at this level first. This market is capable of anything.

If we rally 1.3140 and 1458 are resistance.

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