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 
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17 comments:

  1. BrendanFebruary 17, 2011 at 5:27 PM

    thats awesome!

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  2. SamFebruary 17, 2011 at 5:41 PM

    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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  3. LifeHacksFebruary 17, 2011 at 5:54 PM

    the euro is so over priced!

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  4. SeanFebruary 17, 2011 at 5:56 PM

    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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  5. JWtechpartsFebruary 17, 2011 at 6:01 PM

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

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  6. LeviuqseFebruary 17, 2011 at 6:10 PM

    good analysis!

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  7. AnonymousFebruary 17, 2011 at 6:42 PM

    Mother of God...

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  8. AnonymousFebruary 17, 2011 at 7:15 PM

    Well, will this affect my weekly exchanges?

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  9. Aaron M. GipsonFebruary 17, 2011 at 7:17 PM

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

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  10. MattFebruary 17, 2011 at 7:26 PM

    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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  11. KreybaneFebruary 17, 2011 at 7:33 PM

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

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  12. Paul WelchFebruary 17, 2011 at 8:01 PM

    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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  13. KnilFebruary 17, 2011 at 8:07 PM

    Wonder if the dollar will ever be the same

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  14. Life HacksFebruary 17, 2011 at 8:46 PM

    Interesting!

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  15. ThuganomicsFebruary 17, 2011 at 9:46 PM

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

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  16. Lendo KharFebruary 18, 2011 at 1:22 AM

    Thanks for keep us informed.

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  17. Anonymous.February 18, 2011 at 3:16 AM

    Always nice to have someone to tell me these things.

    ReplyDelete

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