Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: Colwyn on May 24, 2014, 15:13:16 PM
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I am going on holiday shortly within the Eurozone so I checked out the exchange rate I might expect. I noticed there was an advisory update on GBP vs. Euro. It said:
The Euro may be readying to correct higher against the British Pound after prices put in an Inverted Hammer candlestick at falling channel support set from late April. Initial resistance is at 0.8104, the 76.4% Fibonacci expansion, with a break above that exposing the 61.8% level at 0.8133 (this level is bolstered by the channel top). Alternatively, a break below support (now at 0.8080) clears the way for a challenge of the 100% Fib at 0.8056.
A Hammer candlestick speaks to indecision and does not amount to a defined reversal signal. Furthermore, prices are wedged too tightly between near-term up- and down-side barriers to justify a trade from a risk/reward perspective. On balance, we remain flat.
So, I thought I would give you the "heads up" on this. And don't forget - you heard it on CBF first!
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On balance, we remain flat.
Would a bicycle pump be of any help ?
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A mate got 1.20 to the £ at a gold shop in York yesterday! Good rate I think.
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Have we got a gobbledygook section on CBF?
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errm, so is the Euro up or down against the £ then ????
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Sounds more like something from Mystic Meg before the Euro Lottery Draw than a serious financial/economic analysis.
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Shall we run it up the flagpole and see who salutes it ?
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Let's stick it in the cappuccino maker and see if it comes out frothy
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Obviously some people reading this report will think "Woo-hoo! We're on the gravy train!" whilst others will respond "Disaster! Head for the hills!". However I tend to agree with the article and am feeling flat. I've long thought that the significance of the inverted hammer candlestick is greatly exaggerated. It doesn't beat the trusty seaweed test.
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I think we could be heading for a negative agreement scenario in which case we should strike camp and head for the nearest establishment where we can take a bite of the reality sandwich.
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You are all totally mad or drunk (or both)!!