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Numerous attempts could finally see Euro breaking 1.50 against a rigid dollar
By: Finotec - 26-11-2007
0votesFundamental
The US dollar fell to a new record low against the Euro overnight, but the Euro failed to hold onto those gains. The currency pair’s struggle to sustain its upside momentum over the past three trading days has everyone wondering whether this is the top.
ECB President Trichet said that he is opposed to brutal currency moves while Airbus is complaining loudly about the damage of a weaker dollar. It is important to point out that Trichet did not call the latest move in the Euro brutal, but simply indicated his discontent with volatility in the currency markets in general. The pressure is heating up for the central bank president to do something about the currency but his reluctance to do so reflects what must be very strong inflationary pressures.Technical
The Euro may continue the uptrend against the US dollar; according to technical charts the market is in a bullish direction with confirmation of many indicators like RSI, which is in a uptrend, MACD breaks the zero line and pointing upwards, Bollinger gives us a bullish signal by closing the candle above the middle band.Primary Tendency
The primary tendency is in an uptrend that started from 22 August 2007Primary Tendency
The primary tendency is in an uptrend that started from 22 August 2007
Secondary Tendency
The pair reached 1.4967
Minor Tendency
The Minor trend is in an uptrend
Resistance
1.5000
1.4965Support
1.4780
1.4705
Next Analysis: USD/CAD - Will Bank of Canada cut Interest Rate AgainContent Provided by:
Finotec
Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and no
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