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To update my ongoing Euro/Dollar chart, seen below, we can see that the pair climbed above 1.32 yesterday. This 1.32 level marks the gap fill that I highlighted for you back in late June/early July. While the Euro can most certainly overshoot to the upside here, I am switching to a neutral stance. I would expect a pullback to the 1.29/1.30 zone in the interim.
The pertinent issue to me, being a swing trader in equities, is whether we continue to see a direct correlation between the Euro/Dollar and global risk appetite. In other words, is it now too obvious that a pullback in the Euro versus the Dollar will lead to a selloff in equities (if the Euro does, indeed, weaken)?
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Teal looks yummy
i know you are out of NR, but what do you make of the recent action?
Very strong action, especially after the post-earnings selloff. Looking to reenter at some point. Stock looks like a clear leader in the space.