Currency and Stock Markets Weekly Outlook
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In consolidation
Fri, Apr 4 2008, 15:58 GMT
by Przemysław Kwiecień
The situation on the EURUSD pair looks really interesting. One could expect that after reaching 1,59 on March 17th, it would be hard for the market to push the euro higher in a effortless manner. Indeed, on Monday 31st the market did try test the maximum and proved unsuccessful. Such an outcome spelled longer consolidation which we may observe for a while. The ceiling lays at 1,59, while a strong line of support is at 1,5350. The pair would be probably heading there if not the payrolls report, which has been weaker again and pushed the pair beyond 1,57. Awkward reaction shows, however, that the market may not be strong enough at the moment to bring new records very soon.
In the meantime, the Polish currency is doing great. Even though the march upwards on the EURUSD has been halted, the currency managed to gain both to the euro and to the dollar as investors look forward to another rate hike.
Published on Fri, Apr 4 2008, 15:59 GMT
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