I’m back from a much-needed break in Spain on the Costa Calida. After some golf, tennis, tapas and Rioja I am ready to ease back into the FX markets. A better NFP report came out while I was away and the Greek contagion seems to have caused a bit of tug of war in the EURUSD world. I took a few shorts in the pair during the past week based on seeming overbought conditions for a few PIPS. I’ve read in a few blogs that some people are asking whether the downward trend in the pair begun in November 2009 is nearing an end. Time will tell.
My visit to Spain gave me a chance to feel the pulse, for a week anyhow, of how the “crisis” is playing out there. Anecdotal evidence (golfer gossip) abounded of golf resort and real estate developments heading to receivership or foreclosure. La Manga Golf Resort, where I stayed, was busy but not swamped despite the Spring Break holiday for Europeans over Passover/Easter. Tee times were available, reservations for dinner weren’t too challenging and we found great rates for the apartment/flight.
My fundamental/technical analysis based on this is… I’m not ready to call an end to the downward trend just yet. Best to be wary in the coming week.
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