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Wednesday, February 29, 2012

Effects of ECB LTRO 2 on EUFN and EUR/USD

The ECB made available $530B in loans to EU banks today in order to provide liquidity to banks...known as LTRO 2. $489B in loans (LTRO 1) was made on December 21, 2011.


The reaction, so far today, on the European Financials ETF (EUFN) has been negative, as shown on the Daily chart below. Price has been trading in a range just below major resistance, and is still subject to the bearish influences of the existing 50/200 sma moving averages Death Cross formation. Additionally, there are negative divergences in play on the MACD, Stochastics, and RSI.


Similarly, the reaction, so far today, on the EUR/USD forex pair has been negative, as shown on the Daily chart below. Price has been trading in a range just below major resistance, and is still subject to the bearish influences of the existing 50/200 sma moving averages Death Cross formation. Additionally, there are negative divergences in play on the MACD, Stochastics, and RSI.


Time will tell whether the European financials and the EUR/USD hold at current levels, or whether a pullback follows in these instruments, and, ultimately, in the European banks.