at 6:34 am UTC, 10/20/2011
Welcome to the new norm? Price action has been volatile again early in Europe. The headlines that the IMF was at odds with the EU had the EUR testing the morning lows. During most of the session, Middle-east demand has been lurking and the reason cited for stop-losses been triggered on the fresh bullish follow through. Many are consoling themselves that selling the EUR remains the preferred choice into the EURO summit and that this will see topside failures soon seized upon. So far, this topside keeps moving!
Another event risk to overcome? Papandreou gets to tests his party’s unity for a second time in 24 hours today. Some member’s ‘will’ could be broken, but not the will of the general strikers. On that note, Swiss ZEW investor sentiment rose to -54.4 in October from -75.5. It provided minimal FX affect, that been left up to the Middle-east players.
This sliding EUR negativity is pressurizing the weak dollar shorts and is welcome fodder for dealers. Playing the percentages and going with the heard, the left hand side price action is preferred. It seems that positional pain has to be endured if downside objectives are to be achieved.
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