MBO Issue 33 (Sep 2014) Euro Landing At Support
- Euro Back To Weekly Congestion Zone
- S&P Potential Monthly Reversal
- Gold No Fuel To Go Higher
- Big Picture Summary
Euro cleared 1.33 as expected and clean sail down to below 1.32. Only until euro went below 1.32 that we started to see retail FX analysts changing their bullish view to bearish. The down move played out as expected, easy ride so far.
S&P dropped 5% from year high last month and then rallied so hard that it is the longest up close sequence since June 2013. The correction was cut short as suspected in the special update. It was still a good move.
Gold tried hard all month to rally off the down channel support but it failed to gather enough strength to clear the resistance directly above.
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