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Euro hits 10-day low vs dollar as banking crisis spreads.
By: Finotec - 29-09-2008
0votesThe dollar rose as President George W. Bush and Congressional leaders agreed on a $700 billion plan to revive credit markets by purchasing banks' distressed debt.
Long signal Short signal Buy a break of resistance level at 1.4555 Sell a break of support level at 1.4375 EUR/USD Buy a break of resistance level at 1.4680 Sell a break of support level at 1.4260 Buy a bounce at 1.4375 Sell a failure of breaking the resistance 1.4555
Fundamental
The dollar rose as President George W. Bush and Congressional leaders agreed on a $700 billion plan to revive credit markets by purchasing banks' distressed debt.
The greenback gained against the yen as Senate Majority Leader Harry Reid said the House of Representatives may consider the plan today and the Senate will vote by Oct. 1. The British pound and the euro dropped to one-week lows versus the dollar as European governments intervened to prevent the failures of Bradford & Bingley Plc, Britain's biggest lender to landlords, and Fortis, the largest Belgian financial-services firm.
Technical
Technical analysis shows the euro may fall to $1.4260 this week. The 15-nation currency is set to decline as its MACD chart is showing a selling signal by crossing the signal line to equilibrium level and RSI which breaks 30% line and is pointing downwards. We have strong supply in the market as stochastic shows us the market movement and Bollinger gives us a bearish signal by closing the candle below the lower band.
EUR/USD (Daily Chart)
The primary tendency is still in a downtrend.
EUR/USD (4 Hour Chart)
The pair breaks Fibonacci fan lower level.
EUR/USD (Hourly Chart)
The Minor trend breaks standard error channel lower level.
Next Analysis: Dollar up against euro and sterlingContent 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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