Sunday 26th oct at 12pm gmt the ECB Bank Stress Test results will be released. There has already been a leak. Roughly 25 banks failed, who knows whether this is true, doesnt matter anyway as trading wont open until 10pm. So sentiment right now is bearish EUR apart from a few. Credit Agricole are bullish and see EUR/USD hitting 1.31 other banks are bearish and see it at 1.22 , 1.20 by christmas. Whos selling EUR/USD on sunday???
So the results are out and the leak was correct 25 banks fail. Any experienced forex traders with fundamental knowledge out there? is the news good for the euro or bad?
Well, the Euro has not gapped down at the open of business less than an hour ago, after this bit of news over the weekend… Who knows what will make the Euro move, this week?
Its on its way up right now. I think it will continue until tomorrow morning when german ifo reports come out. or until weds fomc event. Weird now the clocks have gone back, usually can trade as soon as markets open, now have to wait an hour.
Think the release was a bit overated. We are currently seeing a bit of a reaction in the market but I think its knee jerk. By New York open things will settle and we’ll see highs for the week for EUR pairs set by tomorrow. Or I could be completely wrong. Lol.
Anyhow, have lots of Eur pairs on short from last week. Good stops in place. Time will tell. Best of luck hunting pips this week all
Bob
Euro, looks like edging higher, but not much room to move, expecting it to slide further down.