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Eur/USD
- Thread starter ForexPro
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It could go higher. But the level is based on Fib 38.2% of 1.3665 - 1.1640.
The market is very dollar negative at the moment. The upward channel, supports the view that the recent top 1.2335 will be taken out and the extension of that view is that 1.2415 will be hit.
Similarly new lows will be hit on USD/CHF too. So look to short there on a retrace to the 1.28 level.
The market is very dollar negative at the moment. The upward channel, supports the view that the recent top 1.2335 will be taken out and the extension of that view is that 1.2415 will be hit.
Similarly new lows will be hit on USD/CHF too. So look to short there on a retrace to the 1.28 level.
I just think the market wants to rally. Last week, there was very good news for the dolllar, which exceed consensus forecasts, but no new lows were printed. Today, post-TIC data, the picture could of changed, but the EUR/USD rallied. So, at the moment, I cannot see what will revitalise the dollar, apart from the market getting too short on $'s.
Technically, EUR/USD is over-bought on the hourlies, but at a very-low base on the dailies. So any small retrace is healthy, in order fofr a higher target to be achieved.
Technically, EUR/USD is over-bought on the hourlies, but at a very-low base on the dailies. So any small retrace is healthy, in order fofr a higher target to be achieved.
They always have an explanation....
San Francisco, April 17. The USD index
has extended its lows to 88.43 today, shaking off the positive TIC data in favor
of USD selling over Iran concerns. The index was last at 88.55 but still remains
poised close enough to 88.40 to break that level before the session is out. The
European holidays have thinned trading volumes, making the USD more vulnerable.
Traders are also looking for the USD to break out of the range that has
contained dealings in recent months as well, hoping for a new directional trend.
Many spec players are now short USD on today"s move but some traders maintain
that despite today"s price action, the USD remains in a range. In addition,
there remain some skeptics who are still negative for the EUR in the wake of
recent political developments including the Italian election and the French
rejection of reformist job laws.
Martin Wolf in the FT last week noted that total factor productivity growth in
the top three Eurozone economies, Italy, France and Germany, are falling to low
levels. These three account for over 2/3 of all Eurozone GDP.
San Francisco, April 17. The USD index
has extended its lows to 88.43 today, shaking off the positive TIC data in favor
of USD selling over Iran concerns. The index was last at 88.55 but still remains
poised close enough to 88.40 to break that level before the session is out. The
European holidays have thinned trading volumes, making the USD more vulnerable.
Traders are also looking for the USD to break out of the range that has
contained dealings in recent months as well, hoping for a new directional trend.
Many spec players are now short USD on today"s move but some traders maintain
that despite today"s price action, the USD remains in a range. In addition,
there remain some skeptics who are still negative for the EUR in the wake of
recent political developments including the Italian election and the French
rejection of reformist job laws.
Martin Wolf in the FT last week noted that total factor productivity growth in
the top three Eurozone economies, Italy, France and Germany, are falling to low
levels. These three account for over 2/3 of all Eurozone GDP.
Interesting. Here is something to think about. This big move up in the Eur is the second breaching of the RT channel line which started on 12-29-05. Also the GBP also took out it's upper trend line which started the same time. And a rise above .2340-.2350 could confrim the head and shoulders which has been forming on the daily chart.
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