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DAILY TECHNICAL OUTLOOK ON EUR/USD by AceTrader
By: - 30-09-2008
0votesUpdating time : 30/09/2008 00:17 GMT
EUR/USD - 1.4371...Euro started the week on a poor note following the news
of the nationalisation of Fortis Bank n concerns over German Chancellor Merkel's
political party, the single currency fell sharply to 1.4303 in European session
b4 rebounding briefly to 1.4572 (o/n NY high following the rejection of the U.S.
bailout plan by the House of Representatives), however, euro declined again in
late U.S. trading on active cross selling vs yen n the fall in oil prices.
Although euro's cross-inspired selloff suggests decline fm last week's
high at 1.4867 has possibly resumed, below 1.4303 is needed to confirm n bring
stronger correction of the rise fm 1.3882 to 1.4258 (prev. res n 61.8% r of
1.3882-1.4867) n 1.4223 (61.8% proj. of 1.4867-1.4303 fm 1.4572), however, as
the hourly oscillators may display bullish convergences on such fall, risk has
increased for a rebound to take place.
Abv 1.4470/75 wud prolong choppy trading n yield gain to 1.4530/40 but
only a breach of 1.4572 wud signal aforesaid fall fm 1.4867 has formed a temp.
low y'day at 1.4303. We will stand aside n may look to sell on recovery later.
Next Analysis: iFOREX.bg EUR/USD Technical Analysis 30 September 2008
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