EURO Hammered, S&P Key Support Holds | Sep 4


Heads Up: NFP Tomorrow so watch liquidity in early London trading and make sure to mitigate the event risk concerns.

EURUSD – Hammered By ECB Policy
Already in a downtrend, the Euro today got bloodied every which way and loose from the ECB policy meeting today, losing over 200 pips on the day from open to close. We talked about the bearish bias and what would happen if the 1.3100 level fell in our weekly market commentary.

That day has come so where to from here? The next layer of support doesn’t come till 1.2833 and 1.27 (April-July 2013 lows).

I’m leaning towards the latter of the two before bulls even consider stepping in. Although we can obviously look for …

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