Wednesday, March 9, 2011

EUR/USD 1.3860

Euro recovery attempt has been capped at 1.3910 at European session opening, and the pair, weighed under reemerging concerns about Eurozone peripherals' debt , has pulled back to retest support at 1.3860.

On the downside, below 1.3850/60 (Feb 28/Mar 1 high), the pair might find support at 1.3830 (Mar 3 low) and 1.3735 (Mar 2 low/20-day SMA). On the upside, immediate resistance lies at 1.3810/25 (day high/intra-day resistance), and above here, 1.3990/05 (Mar 4/8 highs) and 1.4037 (Mar 7 high).

Near-term outlook remains negative, according to Slobodan Drvenica, technical analyst at Windsor Brokers Ltd, while daily studies remain bullish: " Near-term outlook, however, remains negative, favoring break below 1.3860, to open way for further weakness towards 1.3830/00, before bulls re-assert for fresh push higher, as bullish daily studies keep focus at 1.4000/35, break of which to expose 1.4280/1.4307."

source: fxstreet.com

23 comments:

  1. Might be time to trade those euroes in for GBP...

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  2. 1.38 is still way better then 1.20 we were at 2 months ago...

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  3. This is actually very useful info. Following :)

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  4. interesting stuff, amazes me each post.

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  5. thanks for informing :). keeping an eye on all of this

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  6. It's like reading the financial pages, but in a condensed form. cheers for this blog, following

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  7. I'm still keeping an eye on it

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  8. I might have to go to Europe soon and spend some of those valuable Euros.

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  9. Why does the near term outlook always have to be negative? Is it because it's a way to keep investors on their toes?

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  10. just hooping for the € to grow stronger to the £

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  11. cant w8 for the € to grow strong then the £ again

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  12. You don't understand how useful this is for me. Since I travel a lot your updates keep me informed on the prices before I head out to buy/sell Euro s and other currency.

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  13. not bad considering the current situation

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  14. And the decline of the $ continues...

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  15. just hoping for everything to recover

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