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Will Euro Stop Falling against US Dollar

By:

Finotec

18-12-2007

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The euro liquidation continued as the week began with the pair dropping below the 1.4400 level in early London trade after staging a mild rally in Asian session.

Fundamental
The euro liquidation continued as the week began with the pair dropping below the 1.4400 level in early London trade after staging a mild rally in Asian session. The primary reason for euro’s sudden weakness is year end profit taking as traders try to lock in gains before they go on holidays.

Technical
For short term the Euro may continue downtrend against the US Dollar; according to technical charts the market is in a bearish direction with confirmation of many indicators like RSI, which is in a downtrend, MACD crosses 2 Moving Averages and breaks the zero line downwards, Bollinger gives us a bearish signal by closing the candle below the lower band.

Primary Tendency (Daily Chart)
The primary tendency is in an uptrend but we have a strong correction.

Secondary Tendency (Four Hour Chart)
The medium term is in a downtrend and might continue to go lower.

Minor Tendency (Hourly Chart)
The Minor trend is clear downtrend.

Resistance
1.4455
1.4530

Support
1.4330
1.4170

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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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