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Coordinated Central Bank Efforts Fuel Market Volatility- Euro Surges

Coordinated Central Bank Efforts Fuel Market Volatility- Euro Surges

2011-09-15 14:41:00
Michael Boutros, Technical Strategist
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Daily Winners and Losers

Coordinated_Central_Bank_Efforts_Fuel_Market_Volatility-_Euro_Surges_body_Picture_2.png, Coordinated Central Bank Efforts Fuel Market Volatility- Euro SurgesCoordinated_Central_Bank_Efforts_Fuel_Market_Volatility-_Euro_Surges_body_Picture_3.png, Coordinated Central Bank Efforts Fuel Market Volatility- Euro SurgesCoordinated_Central_Bank_Efforts_Fuel_Market_Volatility-_Euro_Surges_body_Picture_4.png, Coordinated Central Bank Efforts Fuel Market Volatility- Euro Surges

The euro is the top performer in early US trade, advancing more than 0.90% against a weaker greenback. The single currency surged early in the session after newswires reported a coordinated intervention of five central banks in an effort to boost dollar liquidity. Equity markets extended early gains on the news with the dollar coming off sharply against all its major counterparts. The EURUSD pair breached topside resistance of the ascending channel dating back to September 11th before running out of steam just above the 61.8% Fibonacci extension taken from May 4th and August 29th crests at 1.3860. The euro is likely to pare gains here after the knee jerk reaction unwinds noting interim support at the 1.38-figure backed by 1.3740 and the 76.4% extension at the 1.37-handle. Topside resistance holds at 1.3935 with subsequent ceilings eyed at the 50% extension at 1.3990 and 1.4050.

Key Levels/Indicators

Level/Indicator

Level

50-Day SMA

1.4217

20-Day SMA

1.4149

10-Day SMA

1.3893

2011 EUR High

1.4939

Upcoming Events

Date

GMT

Release

Expected

Previous

9/16

1:30

ECB's Juergen Stark Speaks on European Economy

-

8.6%

9/16

1:30

ECB President Jean-Claude Trichet Speaks on Euro Economy

-

0.9%

9/16

8:00

Euro-Zone Current Account s.a. (euros) (JUL)

-

-7.4B

9/16

8:00

Euro-Zone Current Account n.s.a. (euros) (JUL)

-

-3.3B

9/16

9:00

Euro-Zone Labor Costs (YoY) (2Q)

-

2.6%

9/16

9:00

Euro-Zone Trade Balance s.a. (euros) (JUL)

-

-1.6B

9/16

9:00

Euro-Zone Trade Balance (euros) (JUL)

2.0B

0.9B

Coordinated_Central_Bank_Efforts_Fuel_Market_Volatility-_Euro_Surges_body_Picture_5.png, Coordinated Central Bank Efforts Fuel Market Volatility- Euro SurgesCoordinated_Central_Bank_Efforts_Fuel_Market_Volatility-_Euro_Surges_body_Picture_6.png, Coordinated Central Bank Efforts Fuel Market Volatility- Euro Surges

The yen fell sharply on news of the coordinated effort by central banks with the USD/JPY pair climbing as high as 77.33 before paring gains back below the 76.80 mark. Interim resistance holds here with subsequent ceilings eyed at the 61.8% Fibonacci extension taken from the July 8th and August 4th crests at the 77-figure, 77.20, and 77.35. Support rests at 76.65 backed by 76.40 and the 76.4% extension at 76.25. The yen is likely to remain under some pressure in North America as improved risk appetite fuels flows into higher yielding assets and currencies.

Key Levels/Indicators

Level/Indicator

Level

50-Day SMA

77.58

20-Day SMA

76.95

10-Day SMA

77.10

2011 AUD High

75.94

Written by Michael Boutros, Currency Analyst for DailyFX.com

To contact the author of this report or receive his daily reports, please send inquiries to:mboutros@dailyfx.com

You can also follow Michael on Twitter @MBForex.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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