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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (48470)	5/10/2005 2:58:05 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

A great summary- "Today's EU faces huge problems. Economic growth is spartan, the free movement of labour has not started to function, the services market is closed to competition." Siim Kallas, EU Commission Vice-President. Friday, May 6, 2005 15:03 GMT Back to the Sell Zone For a while it appeared that euro longs would stage a comeback and actually recover the 1.3000 level last week. With PMI Services firming up slightly and a recovery in EC Retail Sales to 0.3% gain from a -0.2% loss, the region signaled that it may be finally stabilizing after months of horrible economic data. Alas, the mildly positive results were not enough to keep the euro afloat as the strong US NFP number swept all the euro bids into a dustbin and pushed the pair all the way to 1.2800 figure. This week a string of second tier data is not likely to offer much support to euro bulls as the unit will continue to react of US fundamentals. However, as we approach the long term support in the pair at 1.2700 trading should become progressively choppier as longs and shorts escalate the battle. If the pair loses that price point and remains under it for a considerable amount of time, it will have broken very long term support and the whole EUR/USD up move will be under review as large funds may begin to liquidate their long term positions. dailyfx.com