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WEEK Oct. 27th, 2008
EUR/USD broke below the important support at 1.32 and quickly passed the important trend line at 1.28. The short/medium term trend is still on the downside. A move below 1.2480 will target 1.22, 1.21, eventually and 1.16. Only a rebound above 1.3350 will target 1.36, possibly 1.40. The Federal Reserve is expected to cut rates by 50/25 basis points very soon, but other interventions might be needed to have things going again. In fact, the economic meltdown is systemic. It involves both the financial and the economic sectors. As a result, a new fiscal policy might be necessary, while the Fed could buy bonds to increase its balance sheet.
Angelo Airaghi Profits On The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed, neither the information presented nor any opinion expressed constitute a solicitation of the purchase or sale of any forex, futures or commodity product. Those individuals acting on this information are responsible for their own actions. There is a great risk in trading.
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