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

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23 comments:

  1. CiriisFebruary 12, 2011 at 2:37 AM

    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. PhokinggaiiFebruary 12, 2011 at 2:38 AM

    stock up on gold!

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  3. Bulk Up BabaFebruary 12, 2011 at 2:41 AM

    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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  4. AuditorAwakeningFebruary 12, 2011 at 2:44 AM

    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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  5. PatwaFebruary 12, 2011 at 2:47 AM

    oh noo...

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  6. Doc_WafflesFebruary 12, 2011 at 2:49 AM

    hahaha, gold indeed.

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  7. jopjopjopFebruary 12, 2011 at 3:07 AM

    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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  8. jopjopjopFebruary 12, 2011 at 3:11 AM

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

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  9. The GameFebruary 12, 2011 at 3:28 AM

    It will surely go back up soon

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  10. George_WayneFebruary 12, 2011 at 3:58 AM

    nice blog, interesting stuff!

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  11. AjoraFebruary 12, 2011 at 4:57 AM

    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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  12. x85bFebruary 12, 2011 at 5:04 AM

    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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  13. AnonFebruary 12, 2011 at 5:10 AM

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

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  14. Allen_104February 12, 2011 at 5:11 AM

    Hope euro survives

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  15. highlightsFebruary 12, 2011 at 5:19 AM

    Economy <3 Just love it! x)

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  16. BrandonHeatFebruary 12, 2011 at 5:19 AM

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

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  17. AnonymousFebruary 12, 2011 at 5:55 AM

    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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  18. D.February 12, 2011 at 6:02 AM

    Damnit, there go my cheap online buyings

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  19. ERBNFMFebruary 12, 2011 at 6:34 AM

    trade your cash for gold franks

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  20. RaikuFebruary 12, 2011 at 7:53 AM

    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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  21. BrendanFebruary 12, 2011 at 8:46 AM

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

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  22. Stuff that matters, stuff that don'tFebruary 12, 2011 at 9:46 AM

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

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  23. TsipiseFebruary 12, 2011 at 11:41 AM

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

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