Wednesday, March 23, 2011

EUR/USD 1,4170

The European shared currency weakened on Wednesday as worries about debt problems in Portugal and Ireland reemerged.

Mild profit-taking has taken place, ahead of Portugal's parliament vote on the government's latest austerity measures. The Prime Minister, Jose Socrates, has stated he will resign if the opposition fails to approve the bill.

EUR/USD has dropped toward the lowest price in 2 days at 1.4152 during the Asian session, although it has managed to bounce, trimming part of the previous losses. At time of writing, the cross is trading around 1.4175/80, 0.13% below its opening price.

From a technical perspective, Franco Shao, analyst at ForexCycle.com, said, "Being contained by 1.4281 (Nov 4, 2010 high) resistance, EURUSD pulled back from 1.4248, suggesting that a cycle top is being formed on 4-hour chart".

"Range trading between 1.4100 and 1.4248 is expected in a couple of days. However, the fall from 1.4248 is treated as consolidation of uptrend from 1.3752, another rise towards 1.4500 is still possible after consolidation, and a break above 1.4248 could signal resumption of uptrend", Shao added.

source: fxstreet.com 


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24 comments:

  1. SvipisMarch 23, 2011 at 1:25 AM

    It's time t think about

    ReplyDelete
  2. nooneMarch 23, 2011 at 2:13 AM

    Well, I am Portuguese and I tell you this: The bill will be rejected and he (unfortunatly) will NOT resign. He is bluffing. He done that before and doing that now.

    ReplyDelete
  3. TyroneMarch 23, 2011 at 2:28 AM

    Feeling like a king with my £'s

    ReplyDelete
  4. SpikeMarch 23, 2011 at 3:12 AM

    thanks for the info

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  5. ToomuchtimeMarch 23, 2011 at 3:36 AM

    Ah good, I was afraid our currency would rise back to that all time high and make our goods undesirable in the US. Good thing.

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  6. UnknownMarch 23, 2011 at 5:25 AM

    it keeps interesting

    ReplyDelete
  7. PvtCarlinMarch 23, 2011 at 6:32 AM

    Thanks, as always, sir!

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  8. BrockMarch 23, 2011 at 6:55 AM

    I think those debt problems will be looming around for a bit

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  9. metaphysicalfarmsMarch 23, 2011 at 8:32 AM

    Woah... the dollar is going crazy!

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  10. MoobeatMarch 23, 2011 at 8:33 AM

    Is this good or bad news

    ReplyDelete
  11. PrototapeMarch 23, 2011 at 11:11 AM

    Good information. I used to rely on the media for this but they like to exaggerate everything.

    ReplyDelete
  12. elexerdelexMarch 23, 2011 at 11:13 AM

    thanks you for keeping us up-date-ed!

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  13. AnonymousMarch 23, 2011 at 12:45 PM

    Wow. A weak Europe is never good.

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  14. PicnasterMarch 23, 2011 at 1:28 PM

    Why Englad don't join the € ??
    The European Union was at first economic thing...

    ReplyDelete
  15. TeukkaMarch 23, 2011 at 2:10 PM

    Not big changes to yesterday i see

    ReplyDelete
  16. Electric AddictMarch 23, 2011 at 2:59 PM

    good info

    ReplyDelete
  17. SamMarch 23, 2011 at 3:44 PM

    Thank you for the update, will incorporate it in my analysis

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  18. BassislvMarch 23, 2011 at 3:59 PM

    interesting stuff

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  19. Obi-wan MikenobiMarch 23, 2011 at 4:51 PM

    New budgets in most developed countries are going to make for a very unstable trading curve.

    Thanks as always for the update.

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  20. Aaron M. GipsonMarch 23, 2011 at 6:16 PM

    I might just want my Adsense dollars in British Pounds here soon...

    ReplyDelete
  21. edMarch 23, 2011 at 7:43 PM

    seems like every country has alot of debt

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  22. Eric PMarch 23, 2011 at 8:58 PM

    Still on the climb huh? Jeez, I wish I was selling Euros.

    ReplyDelete
  23. SlamcakesMarch 24, 2011 at 1:49 AM

    I thought Ireland got a bailout a while back? They're still unstable?!

    ReplyDelete
  24. GoregrindmadnessMarch 24, 2011 at 9:21 AM

    no big changes on the market

    ReplyDelete

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