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EURUSD daily outlook − Friday 03.14.2008
Fri, Mar 14 2008, 07:19 GMT
by Liviu Flesar
The Euro continues to advance higher versus the U.S. dollar setting fresh record highs constantly. The overall sentiments on the greenback remains extremely weak with EURUSD scoring new record highs above the 1.56 mark. With such strong momentum on the Euro we won't even get used to writing "1.5xx" until the pair will be already into the 1.6 zone. The downside risk is high at current levels due to potential Central Banks interventions but while uptrend is intact, any retracements would be considered good entries on long positions aiming towards previous and new record highs. Support is currently formed at 1.5580 backed by 1.5535. Stronger support is seen into the 1.54 area at 1.5465 and 1.5430. On the upside, resistance starts on today's record high at 1.5650 followed by 1.5700 and 1.5750. Sentiment is highly bullish on both intraday and medium term studies and it is not a good idea to look for potential tops yet. High volatility is expected today due to the data release in the U.S., Fed's chairman Bernanke speech and also Mr. Bush's speech at the Economic Club in New York who may come up with a "surprise" which would ...make the dollar stronger for a day? Current quote is 1.5610 @ 07:14 GMT
Support levels: 1.5580, 1.5535, 1.5465 and 1.5430.
Resistance levels: 1.5650, 1.5700 and 1.5750.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish
Yesterday recommended trade: Long in the 1.5515 area, stop at 1.5480, objectives at and above 1.5565. Extended objectives may aim to 1.5620 if 1.5585 breaks : 0 (entry not reached)
Published on Fri, Mar 14 2008, 07:19 GMT
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Published On Fri, Nov 6 2009, 07:01 GMT - Daily technical outlook
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