Hot-Charts
Euro's Channel
by
Jun 3, 2009 12:51
| 33 Comments
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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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
or the euro will down from 1.4400
Ashraf
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.
June 2009 - 1.435
Recent High of EURUSD was 1.4316 in June. I expect upward movement only after this level.
Rajesh