Thursday, December 8, 2011

Setting up pre-ECB meet

Market thinks that EU interest rate cuts are likely - whether we'll see 1% or something smaller is probably what we want to clarify - and the obvious accompanying statement.

The market seems dead quiet in terms of price action, and the Euro is now trading in a very tight range, a triangle consolidation breakout could lead to a nice strong move.  I have a bias to the upside, but I've put buys stops at 1.34214 and sell stops at 1.33881 and we'll take whichever move as long as it's a strong impulse.