Forex Price Action Setups EUR & GBP Slide on Spanish & Greek Downgrades May 17th
Spanish Banks & Greece Downgraded, EUR & GBP Slide Have you heard this before – Spanish banks having problems, worries over Greece paying its debt and disappointing US economic data. Yep, nothing new, except that 16 Spanish banks have been downgraded which only makes the situation worse for Spain and the EZ. Bankia (remember the one that got nationalized by the Bank of Spain,...
Read MoreForex Price Action Setups – Greek Uncertainty Weighs Heavy on Euro May 16th
Greek Uncertainty Weighs Heavy on Euro & Markets Where to start…well, how about the fact it was reported an additional €500m fled the Greek banks (total of €1.2B in two days) as everyone who has two legs and can push keys in the ATM machine is withdrawing money like they will never see it again. This has only increased the risk of an all-out banking collapse in Greece which would...
Read MoreForex Price Action Setups – Euro Gets Pummeled May 15th
Euro Gets Pummeled, Global Markets Fall As you might have guessed, the EURUSD got pummeled today as continued worries over the upcoming elections in Greece and inability to form a government are increasing the odds of a Greece Exit since it has till early June before the gov’t runs out of cash. Just to give you an idea of how things are going in Greece, on Monday alone, €700mm fled the...
Read MoreForex Price Action Setups (NY Close) May 10th
Euro, Dow Produce Dead Cat Bounces – JPM Drops A Bomb After selling off for 8 days (Euro) and 6 days for the Dow, the markets produced a meager dead cat bounce in the two today, clinging to any relief they could get. Today, it came in the form of US claims data coming in around expectations. This really isn’t a lifeline, and more of a string of yarn to a desperate market looking...
Read MoreForex Price Action Setups (NY Close) May 9th
Euro Drops for 8th Day in A Row – Dow 6th The last time the Euro dropped for 8 days in a row was back in 2008 when we had full tilt in the global economic markets. In fact, in the last 8 years, we’ve only had an 8 day drop 2x, two 7 day drops and one 9 day drop so this is quite extreme. Although the sell-off back in 2008 was much more severe (since the markets were less...
Read MoreForex Price Action Setups (NY Close) May 8th
Greek Political Uncertainty Shakes Global Markets The Euro and other markets took one on the chin today with the Greek elections bringing uncertainty whether they will hold to the austerity plan or bail on it and their future debt-slavement. This obviously means European and US banks would be on the hook for the bill should they bail with the Eurozone being the obvious first victim. The key was...
Read More
