Thursday, August 7, 2008

Key levels

So far there's been no recovery from the slide down in early Tokyo when the market was completely ill-liquid. The price indicated a clear stop hunt move which usually recovers back to the point of lift-off within 2-4 hours, but every attempt has been pushed back.

Gold took a hit on the euro drop but oil has remained mostly flat. I'm now waiting for Frankfurt and London to give more clear directon. We will need their liquidity to move out of this range between 1.5209 and 1.5234.

Key downside levels:

1.5202
1.5184
1.5168
1.5152
1.5137

Key upside levels:

1.5241
1.5259
1.5274
1.5317
1.5338

All risk remains on the euro at this point and I have zero plans to buy until it shows me some life.


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