Is that a new crossover I see? It looks like the EUR/USD downtrend was off to an early start as the 10EMA crossed below the 20EMA this Monday. I waited for the next candle to hit the 30-pip filter but unfortunately, it didn’t. Besides, Stochastic was already in the oversold area by then, which means that I didn’t get a valid trade signal. Boo!
No other crossovers took place the entire week as EUR/USD just kept tumbling down the charts, much like Katy Perry’s hit Teenage Dream’s drop from the Billboard hit list’s top spot. But hey, I like Glee’s cover of that song and I kind of like Kurt’s new guy too… Wait, where was I?
Okay, now that’s out of the way, let me move on to my market thoughts for this week… I’m not an economist or any of that sort, so be gentle on me if my analysis is off!
For this week, I didn’t see any real change of sentiment. Dollar buying persisted, as focus continues to shift to euro zone’s problems, and away from the Fed’s larger-than-expected quantitative easing program….
Apparently, concerns about Ireland’s debt situation have gotten worse over the last few days. Now, a couple of economists are predicting that it needs a “Greek-style bailout” (Pip Diddy’s words) to fix the country’s finances.
I’m still trying to grasp all this mumbo jumbo about Ireland’s debt woes, but this other economist named Ashfraf Laidi said that the spread between Irish and Germany’s yields has hit new highs at 7.22%. Ahh, those lessons on bonds from the School of Pipsology are finally paying off!
That’s all I’ve got for this week. Thanks for reading my blog! Don’t forget, you can also send me your love letters at MeetPips.com! See ya guys!