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EURUSD 6E Euro
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EURUSD 6E Euro

  #691 (permalink)
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Does Liquidity Solve the European Sovereign Debt Crisis?


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Weeeeeeeeeee Fed, ECB, Central Banks of Canada, England, Japan, and Switzerland Announce Joint Action to Boost Liquidity, Addressing Pressures in Global Money Markets (story developing)

Mike

Whenever there is a crisis, you need to print money. This is the belief of central bankers. Of course this is true, as a crisis has a negative impact on commercial bank lending, and the failure of the fractional reserve system to produce money needs to be compensated with central bank money.

But the medicine will not work any more after some time, if the liquidity is not reduced when the crisis is over. Printing money is politically correct nowerdays, although the same objective could be attained with budget discipline. The budget discipline would have avoided the crisis altogether.

What I wanted to say: The announcement has pushed the Euro up above the second standard deviation band. Does this mean that more liquidity solves the European sovereign debt crisis?

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  #692 (permalink)
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Big Mike View Post
Weeeeeeeeeee Fed, ECB, Central Banks of Canada, England, Japan, and Switzerland Announce Joint Action to Boost Liquidity, Addressing Pressures in Global Money Markets (story developing)

Mike

Yea! Spaceballs move where initiative actors break for nobody.

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Larger Picture


Euro is short-term overbought.

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Markets heavily biased short right now, thats a pro gap up, wouldnt be supprised if we break some bear balls up to 3500 first. As you said mate, trade what you see

Voila!

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Euro is short-term overbought.


You would have made 50 pips, if you had shorted the Euro 3 hours ago.

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The global central bank intervention that took place today really just confirms how bad things are becoming with regards to access to liquidity. F/X swap lines were heavily used in '08 and really don't solve the long term or even short term issues that are present currently. Now that banks have been able to convert Euros to Dollars, look for price to continue with it's downward pressure. Market is now down roughly 100 pips from the spike high of 1.3535.

Let's hope we get to see another episode of a guy nervously lie through his teeth on the verge of tears, lol! This is a timeless classic:


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  #697 (permalink)
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And back again in the well known 3432 / 35-3550 range.

3550 could be strong res.


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  #698 (permalink)
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Fed intervention level

Fed I think timed their intervention well. If the mkt were to get below the Oct low of 1.3145, a lot of chart damage, hard for the Euro to recover. The burden still is on the bulls to show upside progress....

good call rassi, you turned bullish couple days ago!

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Later in the day we have the NFP.

At the open (8am GMT) there is a 20 minutes speech of Merkel. The same as Sarko did yesterday but expect more details. Not for a big move but like a coffee to wake up the sleeping market.

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After the big spike up it did hold the upward trend quite good. NFP is hard to predict. If if it results in an up move, then we could break the (stronger) 3550 res and test the 3650.
Now it is about how (or not) to trade the NFP move. Good luck. I am looking for a little piece of something like the second push.

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