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Euro Weakens on Slow European Economy
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The EUR USD continued lower for the week as business confidence dropped in Germany. Speculators reduced positions in anticipation of the ECB leaving rates unchanged at its next meeting.
On Thursday, the IFO Institute said its German business climate index dropped to 97.5 in July, down from 101.2 last month. Bund traders immediately started to buy back positions that were initiated in anticipation of an interest rate hike. The charts indicate this market is going to go after stops under the last main swing bottom at 1.5610. After this break, the pair may find support at a retracement price at 1.5583. There are two up trend lines which have to be penetrated before this break takes place. These angles are at 1.5662 and 1.5647. Down trending support is at 1.5718 and 1.5878. Next Analysis:
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James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association. Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using ...
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