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EUR/USD: The Euro pulls back on Trichet’s comments
Thu, Jul 3 2008, 15:09 GMT
http://www.fxstreet.com
FXstreet.com (Barcelona) – The Euro has plummeted after Today’s events, the ActionForex Technical Team affirms that the bias is turned to the downside: “EUR/USD retreats sharply in early US session and break of 1.5775 minor support indicates that an intraday top is already in place at 1.5908. Intraday outlook is turned neutral for the momentum with bias mildly on the downside for deeper pull back to inner rising channel support (now at 1.5721).”
On the next sessions, the ActionForex Technical Team does not discard further rallying for the Euro: “Nevertheless, downside should be contained by 1.5651 resistance turned support and bring another one more rise. As discussed before, prior break of 1.5843 resistance is taken as the second signal that consolidation from 1.6019 has completed at 1.5302 already.”
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