EURUSD
Trading strategy: short around 1.2510 on hourly close below 1.2515, stop at 1.2570 (1% risk), objective at 1.2410
Risk still lies to the downside as the euro continues its bearish trajectory, retesting last week’s bottom at 1.2520. The said support holds for now and a correction might be underway, but playing from short side remains a feasible plan – looking for short opportunities on a squeeze to mid 1.27 up to 1.2800, while the euro is far from technical levels that would indicate an end to the current downtrend. Intra-day sentiment is also bearish and first resistance levels are seen at 1.2600, 1.2670 and 1.2750. Potential break below 1.2520 would open 1.2330 – 4 years low. Current exchange rate is 1.2536 @06:09 GMT
Support: 1.2500/20, 1.2400 and 1.2330
Resistance: 1.2600, 1.2670, 1.2700, 1.2750 and 1.2800
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD 4hrs 5-14-2010
Other setups:
GBPUSD
- GBPUSD 4hrs chart 5-14-2010
NZDUSD
- NZDUSD daily chart 5-14-2010
AUDCAD
- AUDCAD daily chart 5-14-2010
Gold
- Gold 4hrs chart 5-14-2010
EURGBP
- EURGBP 4hrs chart 5-14-2010
Have a great weekend!
AS eurozone announce 1 trillion $ package . but question is that where did they get huge funds .defienately they ecb paper print more money and supply of money in economy infinite time period so inflation is the factor which could rise and euro depreciate further against $ .
One other factor is that eurpean must keep low their currency to bost exports to achive economic growth and to reduce unemplyoment.
Manzoor Baloch
juinor Economist at
Excel financial services pvt LTD
Lahore pakistan
yes, they print money like crazy. It's a total currency crisis since all of them are suffering except the dollar (for now). And last week's markets melt down just showed how sick the markets are…
In normal economic conditions a weaker currency would helps exporters… but right now everything is far from normal.
http://www.guardian.co.uk/business/2010/may/14/ni…
Sarkozy threatened to withdraw from euro zone. THAT'S how officials are protecting their currency. Laughable, isn't it?
I think they rather want to destroy the EUR. A few days ago rumors of Germany to withdraw from euro zone and return to DM were making the rounds… now it's Sarkozy's turn.
I highly doubt that any sane person still hopes that we're anywhere "near" a recovery from current bad conditions. Things are just getting worst… and the $1 trillion plan seems an epic failure.
Given all the conditions… people run away from fiat paper money and panic/fear just fuels the appetite to buy gold which just reached a new record today. I say we're pretty close to $1500 – by August or earlier.