Wednesday, March 21, 2012

Profit taking and expected correction

Market went down big time last night and stopped at the 7.12 / 7.15 euro level indicated by the Fibonacci retracement levels. This was also our target price for the short position.

Right now market is oscilating around 7.10 euro. Given the big drop yesterday we would expect a short-term correction today, perhaps back even towards 7.60 euro with obstacled around 7.45 euro. To the downside we see a risk towards 6.35 euro.

The biggest disappointment yesterday - for us - was that the meeting of the European Commissions, Council and the Parliament was postponed until 11 April from previously scheduled 26 March.

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