Thursday, February 17, 2011

EUR/USD

EUR/USD extended today’s rally above 1.3600, having reached so far an intraday high of 1.3619, following Wall Street reversal: US indexes are nearing fresh 2-year highs after early loses, with S&P at 1336 and DJIA around 12275. Despite dollar general bearish tone across the board, Euro is struggling to hold onto recent gains above the 1.3600 area, as the common currency seems not the most favored by investors these days.

Technically, the pair is finding resistance in a daily descendant trend line coming from 1.3861, today around 1.3620, according to Valeria Bednarik, Fxstreet.com chief strategist; as per her view, pair needs to break such level to extend gains towards the 1.3660/80 price area, while she sees strong support at the daily low area, near 1.3530, stating that only below this last, pair could lose current bullish tone.

The Euro / Dollar pair ended the day on a firm footing, having recovered from a daily low at 1.3535 to rebound past 1.3600, hitting a new weekly high at 1.3618. By NY close, the cross managed to hold most gains, closing at 1.3605.

“EUR/USD is still in position to target the 1.3621 level noted. Once that level is probed, there is some pullback potential. Though, note that it would still take a move below the 1.3505/00 support to validate any top seen near 1.3621” said the analysis team at FX Market Alerts.


source: http://www.fxstreet.com 

18 comments:

  1. I just hope the dollar doesn't drop lower again. I vaguely remember it being almost 2 to 1 USD/Euro a year or so back...I could be wrong...

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  2. It'd be nice to see monetary systems unified globally, but until the distant future gets here, there's no way. Can't we just have peace!?

    Supporting and following

    http://garagezoku.blogspot.com

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  3. AUD isn't doing too bad hoping it will level at this stage for a while.

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  4. Well, will this affect my weekly exchanges?

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  5. Well it's heartening to see the dollar is still holding its own, lol call me old-fashioned...

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  6. It always strikes me as funny how it always seems to hit the high, and then retreats a little, because people get skittish.

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  7. Jeez, making America feel insignificant... the US dollar is getting closer to useless!

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  8. Great informational blog! I have been hearing that alot of foreign countries have been getting rid of their USD suspecting a greater financial collapse.

    Im following!

    Check out my blog at paulwelchonit.blogspot.com

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  9. Wonder if the dollar will ever be the same

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  10. i'm surprised the euro is even making a rally. the eu looks like mess right now

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  11. Always nice to have someone to tell me these things.

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