We had allowed for a break below the neat trading band of the previous four months but had not expected anything quite on this scale. A lesson in complacency, with the speed and extent of the drop smacking of a major clear-out in thin summer markets. Nevertheless we are within normal Fibonacci retracemnet levels, above [...]

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The euro/dollar rallied to a 2 -month high on Wednesday, ahead of the expected European Central Bank rate hike today. The bias should be on the upside, but the event is already priced in. Immediate resistance is at 1.5947. Above 1.6020, euro/dollar has additional resistance at 1.6065. Initial support is now at [...]

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