{"id":1306,"date":"2011-10-13T01:35:21","date_gmt":"2011-10-13T05:35:21","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1306"},"modified":"2011-10-13T01:35:21","modified_gmt":"2011-10-13T05:35:21","slug":"euro-rallies-on-hope-of-bank-rescue","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/","title":{"rendered":"Euro rallies on hope of bank rescue"},"content":{"rendered":"<p>The euro is headed for a test of $1.40 against the greenback, on the hope that European banks will be re-capitalized after taking a haircut on the PIIGS bonds. There still appears to be some confusion &#8212; I suspect deliberate &#8212; as to who will pay, with <a title=\"Bloomberg: European bank recapitilization\" href=\"http:\/\/www.businessweek.com\/news\/2011-10-12\/schaeuble-says-eu-states-to-recapitalize-banks-if-banks-can-t.html\" target=\"_blank\">German Finance Minister Wolfgang Schaeuble<\/a> suggesting that banks first attempt to raise money from investors. Given the current state of financial markets, private investment will be scarce and European taxpayers are likely to end up with sizable stakes in a number of banks. Expect resistance at $1.40 to be followed by another test of support at $1.30*.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2011\/2011-10-12-eur.png?w=525&#038;ssl=1\" alt=\"EURUSD\" \/><\/p>\n<p style=\"text-align:right;\"><span style=\"color:#999999;\">* Target calculation: 1.40 &#8211; ( 1.50 &#8211; 1.40 ) = 1.30<\/span><\/p>\n<p>The pound is similarly headed for resistance at $1.60. Respect would signal another test of $1.53.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2011\/2011-10-12-gbp.png?w=525&#038;ssl=1\" alt=\"GBPUSD\" \/><\/p>\n<p style=\"text-align:right;\"><span style=\"color:#999999;\">* Target calculation: 1.53 &#8211; ( 1.60 &#8211; 1.53 ) = 1.46<\/span><\/p>\n<p>Canada&#8217;s Loonie and the Aussie dollar both benefited from a surge in <a title=\"CRB Commodities Index\" href=\"http:\/\/goldstocksforex.com\/2011\/10\/13\/crude-and-commodities-rally\/\" target=\"_blank\">commodity prices<\/a>. Expect the CADUSD to find resistance at parity, followed by another test of support at $0.94.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2011\/2011-10-12-cad.png?w=525&#038;ssl=1\" alt=\"CADUSD\" \/><\/p>\n<p style=\"text-align:right;\"><span style=\"color:#999999;\">* Target calculation: 1.00 &#8211; ( 1.06 &#8211; 1.00 ) = 0.94<\/span><\/p>\n<p>The Aussie will find resistance between $1.02 and the descending trendline. Respect is likely and would indicate another test of $0.94.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2011\/2011-10-12-aud.png?w=525&#038;ssl=1\" alt=\"AUDUSD\" \/><\/p>\n<p style=\"text-align:right;\"><span style=\"color:#999999;\">* Target calculation: 1.02 &#8211; ( 1.10 &#8211; 1.02 ) = 0.94<\/span><\/p>\n<p>The Aussie has formed a broad <a title=\"Double Bottom\" href=\"https:\/\/www.incrediblecharts.com\/technical\/double_tops.php#double_tops_double_bottom\" target=\"_blank\">double bottom<\/a> against its Kiwi counterpart. AUDNZD breakout above $1.28 would signal a primary advance to $1.32*.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2011\/2011-10-12-nzd.png?w=525&#038;ssl=1\" alt=\"AUDNZD\" \/><\/p>\n<p style=\"text-align:right;\"><span style=\"color:#999999;\">* Target calculation: 1.28 + ( 1.28 &#8211; 1.24 ) = 1.32<\/span><\/p>\n<p>Support is holding firm on the dollar-yen cross &#8212; with assistance no doubt from the BOJ. Expect a narrow range between 76 and 78.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2011\/2011-10-12-jpy.png?w=525&#038;ssl=1\" alt=\"USDJPY\" \/><\/p>\n<p>The South African rand is testing support at R7.70 against the greenback, after penetrating its rising trendline. Probably because of all the visitors returning early from the Rugby World Cup. \ud83d\ude42 Apparently they have invited the referee to run a series of clinics in South Africa on his novel interpretation of the forward-pass rule. I suggest that he decline &#8212; it could get violent. Failure of support would offer a target of R7.00*<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2011\/2011-10-12-zar.png?w=525&#038;ssl=1\" alt=\"USDZAR\" \/><\/p>\n<p style=\"text-align:right;\"><span style=\"color:#999999;\">* Target calculation: 7.70 &#8211; ( 8.40 &#8211; 7.70 ) = 7.00<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The euro is headed for a test of $1.40 against the greenback, on the hope that European banks will be re-capitalized after taking a haircut on the PIIGS bonds. There still appears to be some confusion &#8212; I suspect deliberate &#8212; as to who will pay, with German Finance Minister Wolfgang Schaeuble suggesting that banks &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Euro rallies on hope of bank rescue&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[38,40,7,17,33,34],"tags":[283,284,550,1292,1309,1523,2149,2727,2849,3575,3576],"class_list":["post-1306","post","type-post","status-publish","format-standard","hentry","category-africa-south-america","category-australia-nz-countries-regions","category-forex","category-japan-korea","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-audnzd","tag-audusd","tag-cadusd","tag-euro","tag-eurusd","tag-gbpusd","tag-loonie","tag-pound-sterling","tag-rand","tag-usdjpy","tag-usdzar"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Euro rallies on hope of bank rescue - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Euro rallies on hope of bank rescue - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The euro is headed for a test of $1.40 against the greenback, on the hope that European banks will be re-capitalized after taking a haircut on the PIIGS bonds. There still appears to be some confusion &#8212; I suspect deliberate &#8212; as to who will pay, with German Finance Minister Wolfgang Schaeuble suggesting that banks &hellip; Continue reading &quot;Euro rallies on hope of bank rescue&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-13T05:35:21+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2011\/2011-10-12-eur.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Euro rallies on hope of bank rescue\",\"datePublished\":\"2011-10-13T05:35:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/\"},\"wordCount\":309,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2011\/2011-10-12-eur.png\",\"keywords\":[\"AUDNZD\",\"AUDUSD\",\"CADUSD\",\"Euro\",\"EURUSD\",\"GBPUSD\",\"Loonie\",\"Pound Sterling\",\"Rand\",\"USDJPY\",\"USDZAR\"],\"articleSection\":[\"Africa &amp; South America\",\"Australia &amp; NZ\",\"Forex\",\"Japan &amp; Korea\",\"UK &amp; Europe\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/\",\"name\":\"Euro rallies on hope of bank rescue - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2011\/2011-10-12-eur.png\",\"datePublished\":\"2011-10-13T05:35:21+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2011\/2011-10-12-eur.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2011\/2011-10-12-eur.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/13\/euro-rallies-on-hope-of-bank-rescue\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Euro rallies on hope of bank rescue\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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The descending triangle suggests a downward breakout with a target of $1.30. Momentum crossing below zero would strengthen the signal. * Target calculation: 1.40 - ( 1.50 - 1.40 ) = 1.30 The pound\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":659,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/05\/euro-tests-primary-support-at-1-40\/","url_meta":{"origin":1306,"position":1},"title":"Euro tests primary support at $1.40","author":"ColinTwiggs","date":"September 5, 2011","format":false,"excerpt":"The euro broke its medium-term trendline against the dollar at [TX] and is headed for another test of primary support at $1.40. Failure of support would offer a target of $1.30*. * Target calculation: 1.40 - ( 1.50 - 1.40 ) = 1.30","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1167,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/06\/pound-joins-euro-slide\/","url_meta":{"origin":1306,"position":2},"title":"Pound joins Euro slide","author":"ColinTwiggs","date":"October 6, 2011","format":false,"excerpt":"Apologies. I messed up the links at the bottom of the Trading Diary newsletter. For the correct link click here. Correct links are also available on the Trading Diary web page and under Recent Posts in the right margin of this page. The euro retraced to test resistance at $1.34\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3992,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/29\/forex-euro-pound-yen-2\/","url_meta":{"origin":1306,"position":3},"title":"Forex: Euro, Pound &#038; Yen","author":"Colin Twiggs","date":"March 29, 2012","format":false,"excerpt":"The Euro is headed for another test of resistance at $1.35. Breakout would signal an initial advance to $1.40. Recovery of 63-day Twiggs Momentum above zero would signal a primary up-trend. * Target calculation: 1.35 + ( 1.35 - 1.30 ) = 1.40 Pound Sterling displays a similar pattern, testing\u2026","rel":"","context":"In &quot;Forex&quot;","block_context":{"text":"Forex","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":185,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/11\/euro-descending-triangle\/","url_meta":{"origin":1306,"position":4},"title":"Euro descending triangle","author":"ColinTwiggs","date":"August 11, 2011","format":false,"excerpt":"The Euro continues in a bearish descending triangle against the dollar. Breakout below $1.40 would signal a decline to test support at $1.30*. * Target calculation: 1.40 - ( 1.50 - 1.40 ) = 1.30","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":466,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/25\/no-european-trend\/","url_meta":{"origin":1306,"position":5},"title":"No European trend","author":"ColinTwiggs","date":"August 25, 2011","format":false,"excerpt":"The Euro is testing resistance at $1.455 after consolidating between $1.40 and that level for the last two months. Twiggs Momentum oscillating in a tight band around zero reflects no real trend and this is likely to continue unless the Fed introduces a new round of quantitative easing. * Target\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1306"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1306\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}