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Euro's Channel

by Ashraf Laidi
Jun 3, 2009 12:51 | 33 Comments

Euro's Channel - EUR June 3 (Chart 1)

Euro's 9-week uptrend remains intact in a rising channel... whose $1.4340 resistance proved to have held up for now. EUR rally pauses after Comments from Asian monetary officials in support of the USD and a retreat in European bourses in response to Tuesdays US pullback. A decline towards $1.4120 and $1.40 appears likely in the event of worse than expected figures in todays ADP report (exp -530K from -491K) and/or prolonged declines in equities ahead/after Fridays payrolls. But the uptrend would remain intact as long as no breach of $1.3970-80. Key support stands at $1.3785. Expectations of treasury purchases by the Fed remain the chief culprit to dollar weakness.

 

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Comments (Showing latest 10 of 33) View All Comments
ahmad
Egypt
Posted Anonymously
16 years ago
Aug 5, 2009 11:04
Thank you for your response to my question, but some expect the euro will be a level of 1.3600 to the likes again, do you really possible to happen much after this wave of high
speculator
Posted Anonymously
16 years ago
Aug 5, 2009 8:31
ashraf,

whats your view on israeli shekel? central bank selling unusual amounts of it against dollar as trying to weaken shekel to boost exports.

thanks
Ashraf Laidi
UK
Posted Anonymously
16 years ago
Aug 5, 2009 3:22
Ahmad, we may touch 1.4490-00 but I dont think we'll see 1.45 today. Also we have ECB decision (they could hint at asset purchases just in order to stabilize the rallying EUR). Nonfarm payrolls also key event risk.


Ashraf
ahmad
Egypt
Posted Anonymously
16 years ago
Aug 5, 2009 2:32
hiiiii Do you expect the euro arrive to the 1.4550 1.4600
or the euro will down from 1.4400
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Jul 28, 2009 11:10
raj, yes it is possible to breack 1.40. key support stands at 1.38.

Ashraf
14raj
Kolkata, India
Posts: 210
16 years ago
Jul 27, 2009 14:39
Rajesh,
I was giving EuroUsd spot value as I trade in OTC market for currencies(spot high 1.4298).But anyways thanks for reply.
Regards,
Rajib.
rajesh68
Singapore
Posts: 60
16 years ago
Jul 27, 2009 14:04
I stand corrected.
Gunjack
London, UK
Posts: 1184
16 years ago
Jul 27, 2009 14:00
Dec 2008 - 1.4388
June 2009 - 1.435
Xaron
Munich, Germany
Posts: 528
16 years ago
Jul 27, 2009 13:51
The high was at 1.43386...
rajesh68
Singapore
Posts: 60
16 years ago
Jul 27, 2009 13:45
Hi Rajib,

Recent High of EURUSD was 1.4316 in June. I expect upward movement only after this level.

Rajesh
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