Yesterday as 21 retired generals and admirals were arrested amongst 40 officers stirred up Turkey. Without going into to much details that event manifested the 2.05 support and the move towards 2.50 has started. The only momentum slowing down the rise will be that the EURUSD is not done yet to the downside. We need to test the 1.28/30 support and target until 10th March to finish the EUR weakness as we will get a temp solution for Greece on the one hand and America needs a weak Dollar as the currency advantage is now on Europes side and more than 1 quarter of weaker earnings will derail the little upswing is the crucial thought. The 10% incraese in the Dollar will have quite an effect on the earnings for US corporations. Therefor the EURTRY might strugle to overcome the 2.10 short term but as soon as the EUR turns around first phase and the markets turn south second phase the move will gear up starting in early March.
Tuesday, February 23, 2010
EURTRY update - slowly it beginns
Yesterday as 21 retired generals and admirals were arrested amongst 40 officers stirred up Turkey. Without going into to much details that event manifested the 2.05 support and the move towards 2.50 has started. The only momentum slowing down the rise will be that the EURUSD is not done yet to the downside. We need to test the 1.28/30 support and target until 10th March to finish the EUR weakness as we will get a temp solution for Greece on the one hand and America needs a weak Dollar as the currency advantage is now on Europes side and more than 1 quarter of weaker earnings will derail the little upswing is the crucial thought. The 10% incraese in the Dollar will have quite an effect on the earnings for US corporations. Therefor the EURTRY might strugle to overcome the 2.10 short term but as soon as the EUR turns around first phase and the markets turn south second phase the move will gear up starting in early March.
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