Saturday, February 12, 2011

EUR under pressure

The Euro came under pressure against the Dollar after finding resistance around 1.3570. The pair tumbled and reached a fresh 3-week low barely below 1.3500. EUR/USD rebounded and rose back above, reaching levels on top of 1.3520.

The common currency is struggling to hold the 1.3500 line, that according to James Chen, chief technical analyst at FX solutions is a key support “and also in the approximate vicinity of the neckline of a clear head and shoulders chart pattern, as well as the 38.2% Fibonacci retracement of the last bullish trend run”

He adds that the 1.3500 level currently represents a demarcation line between a bullish-biased continuation of the uptrend that has been in place since early January, and a bearish-biased breakdown of that uptrend.

source: http://www.fxstreet.com

23 comments:

  1. I still to this day believe currency trading can make ner gold quickly and easily, however, its RISKY BUSINESS

    I for one gave it a shot and ended up in a ponzi scheme, if the shit were more legit, Id consider investing again, but with the state of the world, its too fragile to make a solid commitment. (Yes I am aware this is the time to invest) however still, not worth the risk, I work too damn hard for my cash money...

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  2. EURO is going to be effected harsher by egyptian president resign tomorrow than today .

    I am lucky my all money is American Dollar right now . At least I am happy for myself being safe .

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  3. I've just recently learned about Currency Trading and it looks like this will be a great resource to me. I look forward to your next post.

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  4. I also think that gold is the solution. I dont think that our moneysystem is going to last long because there is to much in circulation.

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  5. @bulk up baba: i am not sure, since a lot of oil is going to be shipped through Suez Cannal.

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  6. Very interesting news. I wonder how this will be affected by Mubarak's resignation, he had many ties in the business world and Europeans were investing a lot in his ventures.

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  7. I know this is something you can earn money from it but I really don't understand why we don't have some kind of universal money. Wouldn't it be better for economy, tourism and generally for the world?

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  8. i hope the EUR wont be the next currency that isnt worth anything :/

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  9. I'll be keeping an eye on things, I'm sure it will go up.

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  10. Egypt is the leader in the Middle-east. So what's going to happen next with the currencie's values will surely depend on other middle-eastern countries reactions.

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  11. Damnit, there go my cheap online buyings

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  12. I think we should just... change back to the Barter system. That'd make for a lot of chaotic Stores though lol.

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  13. Damn inflation.. im going to keep my eye on this

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  14. I think the Euro will recover, I think investing in precious metals is a better idea though.

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  15. The Euro will survive. It's strong, underrated mostly.

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