EUR/USD is currently at 1.2709.
We got lucky in our timing on June 7 when we posted "Ready for a Positive Euro Surprise?":
I was thinking the same thing when I saw the euro at $1.1878 this morning....As it turns out June 7 was the intermediate low at $1.1875. The nice thing about this casino is the payoff for lucky is pari passu with the payoff for skill.
Two days later it was "Seven Reasons to Love the Euro" (FSLR; TSL):
EUR/USD is at 1.2017.Followed by ""Goldman Formally Lowers EURUSD Target From $1.35 To $1.15; Time To Go Long"(GS)" on the 10th:
On Monday we posted "Ready for a Positive Euro Surprise?" with the euro at 1.1917, having bounced off 1.1877. The EUR/USD price was one of the reasons we said FSLR would bottom after the Hapoalim sell reiteration on Tuesday. The stock was at $102.86 and traded down to $100.19. It is currently changing hands at $106.08.
Time will tell if we nailed the immediate-term turn in both the euro and FSLR....
EUR/USD is currently 1.2118.This morning I was asked where I thought the euro would trade and all I could come up with was "higher".
We stuck our necks out and posted "Ready for a Positive Euro Surprise?" at 1.1917 on Monday.
Here's our last post on Goldman and the Euro: "Goldman Sachs on EUR/USD: "no freaking clue where the EUR will go next" (GS)", Fittingly enough on April Fools Day....
...GS has a chart and everything.
These guys get more specific.
The euro will rally to the reverse head-and-shoulders target of $1.31 after falling from an eight- week high, according to Citigroup Inc., citing trading patterns.Sounds good to me.
“The downward correction may have run its course,” strategists led by Tom Fitzpatrick in New York wrote in a note to clients published today. “The euro can now make the next move higher.”
Strategists at the New York-based bank established a long position on the 16-nation currency at $1.2578 after it formed a reverse head-and-shoulders pattern. Investors should exit the trade if the euro falls to $1.2460, according to Citigroup.
The euro appreciated 0.7 percent to $1.2680 at 11:06 a.m. in New York, from $1.2596 yesterday, when it dropped 0.4 percent. It slid 0.5 percent on July 9, when it touched $1.2722, the highest level since May 12.
A head-and-shoulders pattern is formed when a currency makes three consecutive peaks on a chart, with the middle being the highest. A neckline is a line connecting the two lowest points, and a breach of that may signal the reversal of a trend. A reverse head-and-shoulders pattern has three troughs....MORE