Monday, June 8, 2009

EUR/USD Trade Update for 080609

Price of the EUR/USD is continuing to challenge the main EUR momentum shown as the red channel. This price action has the leeway to re-trace the current bearish to about <>1.4127ish. A significant excess of that will see the price return within the main momentum of the bullish EUR.

On the other hand, a continued bearish move will see the price challenge the minor support at Target 1 in order to get to Target 2. Things may then become clearer so until then, a bearish trade should be left to market forces to continue on its course or otherwise. This is something that the purveyors of the US economy is happy to see; a re-strengthening of the USD albeit even temporarily, and the powers that be will do all they can to make the bear run last as long as possible.

Overall in the technical perspective, on day to day terms this week, the current consensus for EUR/USD is a good 3/4 USD bias.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

1 comment:

scheng said...

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